Many of us, at some point, have made a job change expecting the new job to improve our lives professionally, financially and personally, only to realize just a few months later that, rather than an improvement, the new job is a financial disaster. If that happens to you, it can have many negative consequences, especially if you’re someone who owes a child support obligation. There is a little bit of good news: depending on your specific circumstances, a skilled South Florida family law attorney may be able to take evidence of your reduced income and help you get a modification of child support and a smaller monthly payment.
P.S. was a father caught in that type of situation with his child support obligation. In 2016, he was a financial advisor at a major investment firm, but decided to make a lateral move to another major investment firm. Unfortunately for P.S., a major scandal rocked his new employer just after he changed jobs. It started in the company’s banking division but, eventually, the scandal spread into the brokerage unit, according to a CNBC report from November 2016.
This was a huge problem for P.S. In the investment industry, financial advisors who change firms often bring their clients with them from the old firm to their new firm. However, due to the cloud of scandal plaguing P.S.’s new employer, he failed to persuade many of his clients to switch. As a result, he failed to hit several performance targets and that failure meant that his overall income took a significant nosedive.