There are many Georgia parents out there who truly rely on child support payment from their ex-spouses in order to make ends meet. Then there are others who invest in stock worth tens of millions of dollars and still order the other spouse to pay child support. This is not the norm, but it did happen to a New York man, whose wife invested in social media giant Twitter just before their divorce – without his knowledge.
The 47-year-old man was ordered to pay a monthly child support payment of $2,465 for his children, 9-year-old twin boys – more than half of his annual income of $43,000. What the man did not know is that just six months before his 2007 divorce, his then-wife had flown to California to make an investment in Twitter, with the help of her first husband and other investors. Those shares are now worth anywhere from $10 million to $50 million now that Twitter has gone public in the stock market.
The man is now suing for $120,000 to reimburse him for the payments he made. He is also seeking 30 percent of his ex-wife’s Twitter shares – shares which should have been considered marital assets in the divorce.
This was a very shrewd but dishonest move on the part of the woman. If anything, she should have told her husband about the investment or divorced him first. Many couples go to great lengths in order to keep valuable assets from being split up, especially in a nasty divorce battle. However, this move is illegal and could cost the woman a large portion of her investment. Due to her deceit, her ex-husband could wind up getting the 30 percent he requested – and then some.
Child support payments are typically based on income and not supposed to exceed a certain percentage. Those who feel they are paying too much should meet with a judge to request a modification.
New York Daily News, “Twitter investor hid earnings from Brooklyn husband while seeking child support: suit” Barbara Ross and Corinne Lestch, Nov. 27, 2013