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Millionaire’s income disclosed in child support trial

| Mar 17, 2014 | High Asset Divorce |

Parents in Florida may be interested in the latest news to make headlines regarding a 45-year-old top Citigroup executive. The businessman recently went to trial against his ex-wife, who is seeking an increase in child support payments to $25,000 a month. The couple’s divorce was finalized in 2006, and they last amended their child support agreement for their two children in 2008.

The man, who served as the director of the Office of Management and Budget from Jan. 2007 to Nov. 2008, had previously made the news when he admitted that his ex-girlfriend had just given birth to his son, only two weeks after he became engaged to his now-wife. The man also has one child with his current wife, who works for ABC News. The man tried to avoid further media attention by fighting the disclosure of his financial information to the public, but a District of Columbia judge ruled in favor of several media organizations and said that the information could not be shielded.

The ex-wife’s attorneys told the judge that the man’s total compensation for 2014 is expected to be between $4.5 million and $4.7 million. They argue that the man has been making substantially more money since he was hired by Citigroup in Jan. 2011. Attorneys for the businessman noted that his ex-wife made $350,000 in 2013 as a manager at McKinsey & Co., a consulting firm.

In a high-asset divorce, it is more likely that one of the parties will have a change in income that may allow for a child support modification. Even in lower-stakes divorces, a parent ordered to pay child support may get a raise that is large enough to justify a request for increased monthly payments. Parents who either receive or pay child support may seek the guidance of a family law attorney, who may help them ensure that their interests will be represented when they negotiate a modification.

Source: Politico, “Peter Orszag riches public in child-support trial“, Lucy McCalmont, March 12, 2014

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