Some Texas residents may recall when Peter Orszag was the director of the Office of Management and Budget. Prior to working for the federal government in that capacity, he was an economic advisor to President Clinton. After leaving the OMB, Orszag went on to become an executive with Citigroup at a much-increased salary.
As a result, his ex-wife and the mother of two of his children filed in 2012 for an increase in child support to $25,000 per month. In February 2014, a judge in the Superior Court of the District of Columbia ruled, over the protests of Orszag’s attorneys, that his personal finances could be made public during the course of the proceedings. On March 9, Orszag’s lawyers filed necessary documents that pertained to his finances. The documents indicate that Orszag is expected to make a little less than $4 million in 2014. Assets valued in the millions of dollars were also disclosed.
However, the Orszag legal team also promoted the release of information regarding the finances of his ex-wife. It has been publicly disclosed that she earned $350,000 in 2013. Also, it was asserted that her liquid assets climbed in value from $1.5 million at the end of 2008 to $2.2 million by the end of 2012.
Orszag and his former spouse were married in 1997, and their marriage lasted until 2006. During their time together, they had two children. In 2008, a child support arrangement was agreed upon. However, given the father’s increased income, the mother now wants more child support.
As cases like this one show, parents often have the ability to seek a change in child support when there are significant changes in income or assets for either party. A family law attorney may be able to assist a client in seeking a modification of an existing order.
Source: Politico , “Peter Orszag riches public in child-support trial“, Lucy McCalmont, March 12, 2014