How Can Retirement Impact Alimony in New Jersey?
Many divorce settlements require one person to pay alimony to their former spouse for a designated period of time. However, in the event that they wish to retire, they may want to request a modification or termination of their alimony obligation with the court. Continue reading below to learn more about how this can be done and contact our experienced New Jersey family law attorney to learn more.
How do I Modify Alimony When I Retire?
In New Jersey’s alimony statute N.J.S.A 2A:34-23, the topic of modifying or terminating alimony upon retirement is discussed. However, the statute is not simple. Generally, there is a presumption that a person’s alimony obligation is terminated when they reach full retirement age. While this is true, there are a variety of factors that will be considered by the court when determining if alimony should be modified or terminated. This depends on the person’s age and whether or not their settlement agreement was signed before the statute was modified in 2014. The following are some general factors that the court may consider during this time:
- Both parties’ ages
- Bother parties’ health
- The individual’s field of employment and the legal age of retirement in their field
- The age they are eligible for retirement
- Whether their job has a mandatory retirement date, or a date where continuing to work would no longer increase their retirement benefits
- The reason for their retirement, such as whether their employer provided them an incentive to retire
- Both parties’ expectations for retirement during their marriage
- Whether they are financially capable of continuing support payments after they retire
- The degree to which their former spouse is financially dependent
- Any other factors the court deems relevant
Due to the complexity of this statute and how serious the matter is, be sure to contact our knowledgeable New Jersey family law firm to discuss your situation with an attorney.
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If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.