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Former director discloses finances

In some highly-publicized cases in Florida, litigants may wish to keep private certain matters related to their finances. The former director of the Office of Management and Budget recently had to disclose financial information in a child support trial taking place in Washington, D.C.

The man’s former wife is seeking to have her child support payments increased as a result of a significant increase in his income. According to the documents that his attorneys filed, the former director, who is now an executive at Citigroup, is expected to earn about $4 million this year. He earned $3.1 million last year, and expects a 25 percent increase for this year. He also listed liquid assets worth millions. The father originally asked for his income disclosures to be kept private, but the judge ruled in favor of a motion filed by several media groups to make this information public.

The executive and his former wife were married in 1997 and got their divorce in 2006 after having two children together. They entered into a child support agreement at that time, and it was amended in 2008. He has since remarried, and he and his current wife have one child together. According to court documents, his former wife earns about $350,000 a year and has about $2.2 million in liquid assets.

Individuals who are receiving or paying child support may consult with a family law attorney if there is a change of income. A child support modification may be pursued in order to increase or decrease the amount of child support. The court will then make a ruling based on this information as well as on other factors related to the child’s everyday expenses.

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