The applicant brought a motion to terminate or reduce his spousal support obligations, arguing a material change in circumstances following his involuntary retirement and the depletion of his assets.
The court found that the applicant's $4.5 million severance payment should be treated as income replacement for four years, delaying the material change to January 1, 2012.
The court imputed income to both parties based on their capital assets and reduced the applicant's spousal support obligation to $5,099 per month.
The court also ordered the applicant to pay COLA arrears on an after-tax basis, eliminated his life insurance obligation, but maintained his obligation to provide health benefits.
