What If You Can't Pay Your Property Settlement Agreement?
Property settlement agreements typically require one party to pay funds to another as part of negotiations leading up to the conclusion of a marriage dissolution case. Perhaps you were required to make such payments pursuant to a property settlement agreement. Moreover, if you reached a juncture at which you cannot make the requirement payment or payments, you need to understand what options are available to you.
Other People Are Reading
-
Notification
-
A key consideration if you cannot make a payment according to a property settlement agreement is to notify the other party of your situation. Although she has the right to seek judicial enforcement of the settlement agreement, and even sanctions against you for not paying, opening the lines of communication more proactively is important in reducing your exposure.
Motion to Amend
-
Filing a motion to amend the settlement agreement is an option available to you. Through the motion process, you make the argument to the court that you financial situation or some other status changed so significantly since the agreement was executed that you cannot possibly satisfy the payment terms. For example, if you suffer from a serious health condition and cannot work, convey that information to the court.
-
Time Frame
-
Do not wait to take action regarding your inability to pay pursuant to the terms and conditions of a property settlement agreement. Courts view a party to a divorce case more favorable when he presents the court with information about a situation that is preventing payment or payments mandated by a property settlement agreement.
Misconceptions
-
A common misconception is that a person who fails to make payments required under a property settlement agreement can be sent to jail. There are states that send a parent to jail after repeated failures to pay child support. However, the failure to make other payments required under a property settlement agreement do not expose a party to the prospect of incarceration.
Expert Assistance
-
Because of the serious nature of not paying what is due pursuant to a property settlement agreement, consider obtaining legal representation. An experienced attorney is in the best position to protect your rights and interests. Local and state bar associations maintain directories of attorneys in different practice areas. Contact information for these organizations is available through the American Bar Association:
American Bar Association
321 N. Clark St.
Chicago, IL 60654-7598
312-988-5000
abanet.org
-
