Q: I divorced in 2006 with stipulations in our agreement to set aside funds from the sale of our house. Both my ex husband and I created 4 accounts of equal value with proceeds from the sale of our home. He managed 2 and I managed 2. We agreed to use these funds first and then split the cost of the girls' college expenses. His 2 UGMA accounts have lost 50% of their value since 2007, while mine have depreciated a much smaller percentage due to prudent management. As it stands now, I am on the hook to cover over $20,000 he lost before we split costs. Taking into account the market crash and economy over the past 5 years, he has made no efforts to reinvest or recoup the lost funds in these accounts. Our agreement stated our intent to equally share all college costs. Can I revisit this?
A: David's Answer: I would strongly prefer to see the agreement before rendering a definitive opinion. Generally, the legal standard to modify an agreement is "unforeseen or unanticipated change of circumstances." If your sole basis of moving to modify the agreement is because the market went down, then I think it's very unlikely a Judge would find this to be "unanticipated." As such, having an attorney analyze the agreement along side your particular factual stiaution is prudent. -- David Bliven, Westchester Child Support lawyer (www.blivenlaw.net)
I am a former Family Court prosecutor and handle all divorce and family law matters, including contested and uncontested divorces, child custody/visitation, child support/paternity, adoptions, family offense (orders of protection), child abuse/neglect and juvenile delinquency. I practice primarily in Westchester (White Plains and vicinity) and the Bronx (Riverdale and vicinity). My website can be found at www.blivenlaw.net.
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