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David Hasselhoff: Income insufficient to cover alimony payments

Affluent couples who go through divorce often have numerous financial loose-ends to tie up, from the division of investments to the sale of properties. In many cases, there may also be matters related to spousal support that need to be addressed.

Spousal support can be ordered in situations where one person will be at a significant financial disadvantage after a divorce than the other. However, over time, financial resources and stability can change. At some point, the person paying support may wind up being the one who needs the help.

For instance, readers are likely familiar with celebrity David Hasselhoff. For decades, he has been in the public eye thanks to his high-profile role in the show "Baywatch," and his numerous other appearances. 

However, in recent years, his earnings have decreased considerably. In fact, the actor is now asking the courts to put an early end to his alimony payments he has been paying since 2006. According to reports, the $21,000 monthly payments are no longer appropriate considering his current financial situation and evidently, he has had to dip into his retirement account to keep up with payments.

It is not unusual for someone paying alimony to find the obligation unfair and expensive. After all, who wants to financially support someone to whom they are no longer married?

However, there is a big difference between not wanting to pay alimony and not being able to. Alimony payments should not cause you to experience significant financial hardship. Further, in states like Florida, they should be in place for a specific purpose. If that purpose has been fulfilled, it may no longer be appropriate for a person to continue paying.

If you believe that your situation warrants a review of your current spousal support arrangement, it can be crucial that you discuss your options with an attorney. Doing so sooner rather than later can prove to be a wise decision.

Source: Toronto Sun, "David Hasselhoff seeks to cut alimony payments," April 18, 2016

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