Despite the recent rise in the stock market and promises of an economic upturn, many divorced families have been impacted by the recession and face a number of financial difficulties. For many, the impact of the economic downturn was swift, with an immediate loss of employment, bringing with it a loss of health benefits and an erosion of assets, including a significant drop in the value of their home. For many more, the impact has been much slower and more painful. For those impacted, post-judgment relief may be available through the filing of an application with the family court pursuant to Lepis v. Lepis , 83 N.J. 139, 145 (1980), and its progeny modifying prior support obligations. This article discusses and reviews the nature of these applications, the factors that must be presented to a court and a brief review of the practical realities stemming from the current judicial temperament in considering these applications.
As the recession has eroded income and assets, there may be fewer funds available to provide supported spouses with the lifestyle they may have enjoyed during the marriage. Many post-judgment families are faced with an economic portfolio where their income and assets have fallen below pre-marital levels. The income-generating assets no longer provide the parties with the level of income projected at the time of settlement or trial. Likewise, the supporting spouse may find himself in a situation where his income no longer can support the pretermination lifestyles or the supported spouse has lost her job, finding themselves without this supplemental income. If such events occur, the client can seek a judicial modification in his support obligations due to a material change in circumstances.
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