Are Alimony Payments Determined Solely on the Financial Needs of the Former Spouse?
Obviously, the financial needs of a spouse are going to be considered when alimony payments are calculated. However, finances are not the only thing that could affect how much alimony is awarded or even what kind of alimony is awarded. There are numerous other factors that could play a role in determining your final divorce agreement, so it’s wise to know about them before negotiations begin. It is also wise to have experienced Morris County, NJ alimony and spousal support lawyers on your side, ready to argue on your behalf.
Which Financial Factors Can Be Considered When Alimony is Calculated?
In a divorce, each person has to be completely upfront about their finances. Hiding income or assets is always a bad idea because the court wants to make sure that it is fair to all of the parties involved. When everyone’s financial situation is laid out, the court can look at things like:
- Incomes of both spouses
- The overall earning capabilities and employability of each spouse
- The standard of living established during the marriage
- The general financial situation of each spouse
If anyone has investment properties, inheritances, or other sources of income that could affect an alimony agreement, the court will take note of it.
What Else Will the Court Consider Aside From Financial Needs?
Your or your spouse’s financial needs are just part of the picture though. This is because there could be other factors that have just as great of an impact on what kind of alimony agreement should be negotiated. Important elements include:
- Childcare obligations
- What kind of training or education a spouse would need to be self-sufficient
- The career potential of each spouse
- The duration of the marriage
- Whether one spouse stayed home so that the other could advance in their career
Generally, any fault or bad behavior during the marriage is not considered. For example, a spouse who cheats can still be awarded alimony in some cases. One big exception to this concerns spouses who try to hide money or squander marital assets.
What Kind of Alimony Can Be Awarded in New Jersey?
In New Jersey, alimony falls into four general categories. You have:
Open durational alimony: This is often awarded to spouses who will not re-enter the workforce and lasts until any retirement benefits they have kick in.
Limited duration: As its name suggests, this alimony lasts for a specified period of time to support a spouse as they get used to living on their own.
Rehabilitative: This can help a spouse pay for tuition or job training, allowing them to improve their own financial situation.
Reimbursement: This pays a spouse who worked while their partner went through school or job training of their own, like medical school or the pursuit of a graduate degree.
Contact Our Team
If you are going through a divorce, you need to make sure that you have tough negotiators on your side when things like alimony are being decided upon. Contact Townsend, Tomaio & Newmark, L.L.C. and schedule a consultation with our team. We can tell you more about what we can do to assist you.