Executive’s finances disclosed in divorce dispute

On behalf of The Walters Law Group, Ltd. posted in Child Support on Monday, March 17, 2014.

Chicago residents may be familiar with Peter Orszag, the Citigroup executive who attracted media attention some years ago after his affair with a Greek shipping heiress was revealed. Orszag is presently involved in a child support dispute with his former wife whom he divorced in 2006 after nine years of marriage. She is seeking to have Orszag’s payments to their children amended in order to conform to his recent salary increases. As part of her case, she and representatives of the Reporters Committee for Freedom of the Press have sought to have Orszag’s financial information publicly disclosed. A District of Columbia judge recently ordered that disclosure to go ahead.

According to the documents that have been released, Peter Orszag’s salary has increased 25 percent this year, from $3.1 million to $3.9 million. If the total sum of his liquid assets are included, he is expected to make somewhere between $4.5 and $4.7 million in 2014. Although Orszag had fought against having his finances disclosed, attorneys working on his ex-wife’s behalf argue that their child support agreement should be amended because he is now earning much more than he was when it was first drafted.

Child support payments are just one aspect that such agreements commonly include. Regardless of whether it involves child support, alimony or joint investment accounts, a divorce agreement can have important implications for the future of both parties involved and may be subject to revision as circumstances change over time.

Just as Orszag’s improved financial situation may lead to an increase in his child support obligations, so too can a deteriorating situation lead to amendment. If someone finds themselves overly burdened by payments related to their divorce agreement, they may be able to have its terms reviewed and adjusted accordingly.

Source: Politico, “Peter Orszag riches public in child-support trial“, Lucy McCalmont, March 11, 2014