Modifying Alimony Payments After Retirement in New Jersey
Alimony is among the most hotly contested issues throughout divorce law, however, if you are someone who has made regularly alimony payments for years and are now getting ready to retire, you are most likely wondering whether you can stop making these payments. Please continue reading and reach out to our experienced New Jersey family law attorneys to learn more about alimony and whether you are allowed to stop paying after you retire.
Can I modify my alimony structure after I have retired?
The answer to this question is complex, though New Jersey’s alimony statute, N.J.S.A 2A:34-23, does address, and shed some light on whether individuals can modify or terminate alimony payments once they retire. Under many circumstances, people can, in fact, stop paying alimony once they retire. That being said, as previously mentioned, the issue is complicated, and the answer is largely dependent on your specific circumstances. Generally speaking, New Jersey courts will consider various factors when making such a decision, including the age at which you retired and whether you signed your settlement agreement before the modification of the statute back in 2014. Some of the many factors that New Jersey courts will consider before determining whether you may modify or terminate your alimony payments are as follows:
- Both you and your former spouse’s current age and health
- Whether your finances, after retirement, will allow you to continue making alimony payments to your former spouse
- Whether your former spouse is financially dependent, and to what degree
- Where you were employed, as well as the age that individuals in your field may legally retire
- Why you retired
- Whether your employer incentivized you to retire in any way
- Whether there was a mandatory date of which you must retire from your job
- Whether there is a date where continuing to work would no longer increase your retirement benefits
- What you and your former spouse’s expectations were for your retirement while you were married
- Any other factors the court deems relevant
If you have any additional questions about alimony or any other aspect of divorce or family law in New Jersey, please do not hesitate to reach out to our experienced Chatham divorce law attorneys today. We have helped countless individuals through the legal process, and we are here to help you, too. Give us a call today to learn more about what we can do for you.
Contact our experienced New Jersey firm
If you are considering a divorce and need an attorney who can effectively represent you through every step you can count on Lazor Rantas, PC. We proudly serve clients throughout New Jersey as they navigate divorce and family law matters. To discuss your case with an experienced legal team, contact Lazor Rantas, PC today.