In light of the current devastation of the airline industry I started to wonder about the impact of a sudden change in circumstances could affect things (I have deliberately picked Aviation as the field as all the doomsayers are postulating years before things recover).
Take for example an individual who is on a large salary of X
As part of their agreed separation they agreed to give the other party half of X per year as a "full and final" settlement (not sure the correct term)
Suddenly they have had a reduction in circumstances where they now earn Y. Where Y is say 50% of X.
I have no idea the actual difference and implications of Legal Separation vs a Divorce or if there is even a difference.
I assume that they would have to go back to whoever signed off on the deal?
Would the new circumstances result in a renegotiation of the agreement?
Would said renegotiation be
- permanent or
- for the duration of the crisis or
- would it be until the previous salary is back to X.
If the last would there be a clause that the other party could "recover" the lost amount by a future contribution of X/2 + "back dated"?
