Legal Question in Family Law in Virginia

Modification to VA Property Settlement Agreement
My ex-wife and I have a PSA which was signed in July 2007. She chose to take the proceeds from the sale of our house in lieu of spousal support. The language is as follows: ''Wife hereby waives and relinquishes any right to spousal support conditioned on Husband paying a lump sum payment in the amount of $100K to Wife from Husband's share of net equity from the sale of the marital residence. . . In the event that the sale of the marital residence does not result in Husband receiving at least $100K as his 50% share of the net proceeds, then the Husband agrees to make up the difference between the $100K and his actual 50% share of the net equity paid to the Wife at settlement in monthly installment payments. Said monthly installment payments shall be no less than $500 per month payable on or before the 15th.'' As you know the housing market tanked and the proceeds from the sale of the house were much less than my ex anticipated. Can she take me back to court to increase the amount of the monthly installment payments?

Asked on 6/29/09, 4:42 pm

Michael Hendrickson Law Office Michael E. Hendrickson

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Re: Modification to VA Property Settlement Agreement

If they're less than $500 per month, I would say so.

Answered on 6/29/09, 11:06 pm

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