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Ray, Lawyer
Category: Legal
Satisfied Customers: 41004
Experience:  30 years in civil, probate, real estate, elder law
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My ex husband owes me a large settlement payment. He says he

Customer Question

My ex husband owes me a large settlement payment. He says he hasn't got the lump sum but will pay me in increments, monthly or bi monthly, with interest. Will accepting this proposal negate the court stipulated agreement? Also, how much interest should I ask for?
Submitted: 1 year ago.
Category: Legal
Expert:  Ray replied 1 year ago.
Hi and welcome to JA. Ray here to help you today. If you are going to agree to this it needs to be submitted as an agreed motion and signed by everybody including the judge.I would not agree to this otherwise.As an agreed order it is then enforceable by contempt in the very same court.I would think long and hard about this , as the ex may be able to borrow funds either personally or through his 401k or other means. Overall I have found time and again that the ex doesn't make the payments and defaults here.I would strongly consider telling him that he needs to find the funds.He agreed to this, the court likely holds him to it if you file contempt on him here.I mean if you spend lawyer money here on an agreement and he still defaults you will still be back on contempt. Only you know your ex and whether he is trustworthy to make payments over time.You could charge interest with such an agreement, 10% would be reasonable.Your lawyer that prepares the agreement can add in the interest and come up wtih appropriate payments that would include this. It might be a better risk here if you get such interest.You also run risk he might bankrupt over time and you don't get paid off as a creditor.Again I would think about this alot and make a decision after some reflection. If you agree to this the ex ought to pay all the legal fees for drafting and getting this approved.You want it as an enforceable court order.That way you know you have remedies in case of default.You could hedge bets here asking how much he can pay now and payments for the rest.At least that lowers your risk. I appreciate the chance to help you and wish you good luck whichever direction you go here.