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The order records that either of you can apply to court to vary or amend the terms relating to periodical payments - this is recorded in the recitals to the order on page one.
This was noted as it would be unreasonable to expect you continue to pay should you have no income or you are retired, and as such the onus is on you to show the court that it is no longer possible to maintain the payments at this level - applying for them either to be paired downwards or terminated.
Your court order is 10 years old. Maintenance for life is very rarely awarded in court these days - and as such your application to vary should fall on receptive ears as the order harks back to the 'old way' of doing things.
You have to show a significant change in your income to justify making an application though.
A 20% shift in income may not trigger a variation. A 50% change or retirement (and therefore significantly reduced income) almost certainly would, particularly given that pension sharing has already been ordered. Timing is important therefore.
Applications are made on the court form A1 - available at www.gov.uk.
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Yes your assumptions are correct. you can't make an application on a pre-emptive basis for an event some years in the future I'm afraid,. Thank you again for visiting JustAnswer, please do let me know if you have any additional questions in the future. I am also happy to answer any new questions on other topics that you may have, you can request me by putting “for PLCLEGAL” at the start of the new thread. Best wishes, Peter