Divorces are typically neither happy nor peaceful. While some couples do resolve their differences via mediation and part as friends, many others engage in very acrimonious splits. This is particularly true when children are involved. One of the things that divorcing husbands and wives fight over is who should pay child support to the other and how much. Sometimes, even after a divorce is done, one parent or both will seek to change the amount to be paid each month. This is what happened with a ex-husband and ex-wife who made news recently due to his past government involvements.
The husband had served as the Director of the Office of Management and Budget in the Obama Administration, raising his public profile and correspondingly drawing interest in his divorce case. Currently, he works for Citigroup. According to court filings, he made $3.1 million in taxable income there last year. This year, he is projected to make almost $4 million.
The couple’s 2006 divorce made a number of financial provisions for their children. These included a $400,000 trust fund set up to cover their major expenses and education, with the couple agreeing to split the rest of the costs needed for raising the children. The ex-husband is now offering to re-fund that trust and cover tuition bills directly. However, the ex-wife wants him to pay her $22,000 every month, which his attorney calls “backdoor alimony”. The ex-wife, a consultant, earns $350,000 a year.
In this case, the child support amount and other figures are very high, reflecting the income and lifestyle of each parent respectively. In Illinois, most child support cases involve lower amounts, which are still very important to those involved. Parents dealing with these issues in Illinois may find the advice of an experienced family law attorney helpful.
Source: WashingtonPost.com, “Peter Orszag and ex-wife in contentious court fight over child support” Emily Heil, Mar. 12, 2014