Adjusted Missouri Divorce Settlement Overturned: Man Must Pay Ex-Wife $7K Per Month
Divorces may drag on for years, especially when it comes to property division and financial matters, as a recent reversal of a Missouri divorce reveals. Carl Paul Petersen and Virginia Elaine Petersen were divorced in 2001 and Mr. Peterson was told to pay his ex-wife more than $7,000 per month, according to a story in The Springfield News-Leader. This amount was reduced to $2,500 in 2005 by a trial court after Mr. Peterson allegedly suffered a severe drop in income. Just yesterday, appellate judges reversed the trial court decision due to a lack of evidence specifically showing that Peterson’s income had dropped.
Specifically, Carl Petersen was a sole shareholder of a metal finishing company. After the company suffered some setbacks, his income reportedly dropped from more than $300,000 in 2002 to slightly more than $80,000 in 2003. Peterson’s alleged 2004 income was around $40,000. With these substantial drops in income allegedly taking place, the trial court reduced the original Missouri divorce decision in 2005. Both parties appealed at the time, and now Petersen is back to having to pay the original payment after yesterday’s decision.
