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Five reasons to modify your divorce agreements

Most people have friends, parents, parents' friends or friends' parents who have gotten divorced. Just because it is common, doesn't mean that everyone is intimately familiar with every part of the divorce process. That lack of understanding often extends to the concept of modifications.

After a divorce there are agreements in place that grow and change with families as time goes on. People revisit these deals, regarding child support or alimony, throughout the lives of their subjects and get them modified. Here are five signs that you should get a modification.

Winning a contest

Game shows or the lotteries are exciting, and people can come away with fabulous life-changing prizes. If your spouse's circumstances change dramatically from a sudden windfall like that then they may no longer need the same level of support as before.

Moving boxes

The reality is if you or your ex move, whether it is to a more or less expensive home, your needs are going to drastically change. When your needs change, your ability to pay support or need for it should be adjusted.

Wedding bells

A new marriage means that there is a new variable in the calculation. It could mean that the paying spouse has less to contribute, or it could mean that the spouse receiving payments no longer needs them.

Good grades

Many private schools offer grants and scholarships for tuition to students who do well. If your child is in private school and receives a benefit like this, then the portion of the child support earmarked for education could be modified.

Pink slips

The modification process is all about not placing a burden that is too heavy on the paying party. If that person were to lose their job for any reason regular payments will become unmanageable.

Lives change, deals change

The essential thing to remember when it comes to modifications is that your deals are not set in stone. If something needs to change to reflect how your life has changed, ignoring the problem isn't going to make it any better.

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