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Category Archives: Alimony

Planning Alimony Modifications in Advance of Retirement

Alimony Modification Attorneys Chatham NJWhile it is always important to plan your finances with an eye on the long-term, it can be especially important for alimony payors who are thinking about retiring. When an individual who is paying alimony retires, it is natural for them to want to reduce alimony payments in accordance with the change in circumstance of their economic situation.

The issue that arises however, is if the payor and their Chester alimony attorney wait until after retirement to petition for a modification of the existing alimony agreement, the payor will be paying their regular alimony rate throughout the course of the court’s hearings and deliberations, and it is always a possibility that the courts deny the petition for a modification of the existing alimony agreement.

Early Modification of Alimony Attorney Chester, NJ

Thankfully, New Jersey’s Alimony Statute, N.J.S.A 2A:34-23(j), allows for individuals to petition for a modification of their alimony settlement in advance of their retirement. This allows for the individual considering retirement to receive judgement regarding their Mendham alimony modification petition before they have to make their final decision regarding their retirement. If the Morris County alimony courts agree that the circumstances call for a modification of alimony when the payor does retire, you can proceed with your plans with the confidence that your alimony payments will be reduced in accordance with the change in your income. If, on the other hand, the courts deny your petition to modify alimony payments, you can decide to continue to work until you have saved enough money to continue to make expected payments and afford your retirement plan.

NJ Judge Rules on Modification of Alimony Pending Retirement

In the recent case of Mueller v. Mueller, the Honorable L.R. Jones provided the following statements regarding the early modification of alimony pending a retirement decision.

“The amendment permitting a court to presently consider an obligor’s prospective retirement, as opposed to an actual retirement, is logically designed to avoid placing an obligor in a “Catch 22” financial situation. Specifically, if an obligor is considering the possibility of retirement in the near future, he or she logically benefits from knowing in advance, before making the decision to actually leave the workforce, whether the existing alimony obligation will or will not change following retirement. Otherwise, if the obligor first retires and unilaterally terminates his or her primary significant stream of income before knowing whether the alimony obligation will end or change (and if so to what degree, i.e., termination vs. modification), then the obligor may find him/herself in a precarious financial position following upon such voluntary departure from employment if the court, for whatever specific reason, does not terminate or significantly reduce the existing alimony obligation.”

Planning Your Retirement around your Morris County Alimony Settlement

As you can see, the New Jersey law allows you to plan for your retirement and have the confidence of knowing what your Mendham alimony obligations may be after a modification of alimony ruling. If you are considering retirement, and would like to seek a modification of your alimony agreement on the basis of your future changed economic circumstances, your best bet is to speak with an experienced Chatham, NJ alimony attorney in order to draft a complete financial plan post-retirement, and include that plan with your petition to Morris County alimony courts so that they can properly evaluate your case.

Having advanced knowledge of what your future alimony obligations will be after your retirement is of extreme benefit. It is highly recommended that you, along with your Chatham alimony attorney, petition for alimony modification under New Jersey Alimony Statute’s prospective retirement provision.

Contact a Chester Alimony Attorney Today

At The Law Office of Townsend, Tomaio & Newmark, our family law attorneys have extensive experience helping clients modifying alimony settlements for clients across Chatham, Chester, Mendham, and the greater Morris County area.

Practicing exclusively family law, our firm is uniquely suited to helping you with any divorce or family law related issue, including alimony settlements and alimony modifications. Being able to focus on one specific area of law gives us an edge over other firms, we have the experience, knowledge, and creative strategies that you need to favorably settle your divorce and alimony issues.

To speak with one of our Chatham alimony modification attorneys today in a free and confidential consultation, please contact us online or through our Morristown office at 973-828-0829.

 

Why You Should Never Make “Side-Deals” for Divorce Property Settlement Agreements

One of the most important documents you will negotiate for, and sign, before your divorce can be granted is what is known as the property settlement agreement (PSA). The property settlement agreement will outline your financial and parental rights and obligations following the divorce, and decides key divorce issues such as child custody, child support,… Continue Reading

Bad Divorce Advice Commonly Given to Women

Going through a divorce is usually difficult, both financially and emotionally. Issues such as child custody, child support, division of assets, and alimony can easily overwhelm you, and its common for people to turn to friends and family for advice in times like these. While many of your friends and family members may have gone… Continue Reading

Taxes and Divorce

Divorcing individuals often have questions about tax their considerations and how they are affected by their divorce. While most divorce attorneys will urge you to speak with a financial consultant about your post-divorce finances and obligations, we can look at some of the more frequently asked questions regarding divorce and taxes. Should I file my… Continue Reading

Morris County Lawyers Raise Questions about Alimony and Cohabitation

A recent Morris County, case pending decision raises some interesting questions regarding alimony and cohabitation. Must the payor of alimony continue to fulfill his/her obligation when their ex-spouse is cohabiting with another person? In the case in question, William and Yvonne Kloehn divorced in 2007 after 22 years years of marriage. William alleges that his… Continue Reading

“Why should I hire a divorce attorney?”

The advent of the internet and the rising accessibility to information it offers has had some interesting consequences for “do-it-yourselfers”. Youtube hosts thousands of videos informing viewers how to do things as diverse as putting in a new floor to building a car engine. But how does this access to information affect divorce and family… Continue Reading

My Divorce Settlement; What Am I Entitled To?

In divorce, there are so many factors to consider, so many potential outcomes, it’s easy to feel overwhelmed at times.  Finalizing a Divorce Settlement can be one of the most complicated aspects of the divorce, and at the same time be the most impactful on your life moving forward.  Many people are unaware of exactly… Continue Reading

When divorcing, does it matter who files first?

Often in divorce, both spouses will share a sense that the relationship is broken, and cannot be repaired.  The thought of legally ending the marriage has occurred to both parties privately, and one very common question under these circumstances is: “Does it matter who files for the divorce first?”  The answer is complex, but according… Continue Reading

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Morristown / Morris County Law Office

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Morristown, NJ 07960

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