Modification of an Alimony Award

question 1

Multiple Choice

Modification of an alimony award

• A) is possible only if a clause allowing modification was included in the property settlement agreement.
• B) is only awarded in connection with child support.
• C) requires a showing of change of circumstances.
• D) can only be initiated by the recipient.

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Definitions:

Compounded

The process where interest earned on an investment is reinvested to earn additional interest over time.

Nominal Rate

The advertised or stated interest rate of an investment or loan, not accounting for compounding or inflation.

Endowment

An endowment is a financial asset, in the form of money or property, donated to institutions or individuals, typically used for a specific purpose like a scholarship fund.

Per Month

A phrase indicating a recurring event or a calculation basis occurring every month.