Can I Make Changes to My Divorce Settlement?

If you have been divorced for a while, you may now realize that your divorce settlement agreement is no longer working in the way you had expected it to given unanticipated changes in your life post divorce.   This happens for a variety of reasons, especially for those who were in a hurry to get their divorce settled without involving the financial expertise of a divorce financial planner.  In other cases, things happen such as the loss of a job or there were new child related expenses that might have been anticipated but now call for modification or renegotiation of your judgment.

If you and your ex-spouse agree to change the settlement, modifying it should be relatively hassle-free.  However, if you do not agree to make the changes, you may be in for a painful second round of your divorce.  

There are specific means tests and legal statutes that afford you the opportunity to go to court to modify or cease your spousal support or child support obligations.  However, it is nearly impossible to make changes to your property settlement once the settlement is final.  Generally, property division is a one shot deal.  The only circumstances that exist for you to reargue, reopen or change property division is in rare circumstances such as duress, fraud, or legal error.  The circumstances that allow changes to the property agreement usually are identified within a very short window of opportunity – typically 30 days after the divorce is finalized.

Is it possible to make changes to the property agreement after your divorce?  The short answer is, “Probably not.”  Property division means you need to make educated and strategic decisions.  Do it right the first time with the help of a divorce financial planner who can also help set new financial goals for your future.  Things that seem “fair” during divorce negotiations sometimes really aren’t when you look 5, 10, 30 years into the future.  There really is no way for someone without the training and expertise to understand all of the long-term financial consequences of the decisions you will be required to make.  So be sure to find a qualified divorce financial planner in your state.