Negotiating Alimony in New Jersey
If you are considering a divorce, or are already in the middle of these proceedings, then you may be wondering whether you could receive alimony (also known as “spousal support”). Negotiating alimony as part of a divorce can be extremely stressful, overwhelming, and emotional for all the involved parties. However, it’s important to keep in mind that you or your soon-to-be ex-spouse’s livelihood could depend on the alimony received. The following tips are important to keep in mind when negotiating alimony settlements.
Do Your Research
Alimony is support that is paid to the ex-spouse under certain circumstances. The state of New Jersey currently has four different types of alimony.
- Open Durational is available to those parties who have been married for 20 years or longer. As the name suggests, open durational alimony is paid without a set end date established at the time of the award.
- Limited Durational is alimony paid for a specified period of time. Although there is no set formula for determining the length of time this type of alimony is paid, the term normally does not exceed the length of the marriage.
- Rehabilitative alimony is based on a specific plan the receiving spouse has, generally, to acquire some training or education that enables him or her to re-enter the workforce or increase earning capacity.
- Reimbursement alimony addresses a situation where one spouse supported the other through an advanced education. For example, when one spouse works to support the other through medical school.
It’s critical that one does their research to determine which type of alimony best suits their particular situation. It’s also vital to have realistic expectations. We highly recommend speaking with an attorney who is familiar with New Jersey alimony laws.
It is imperative that you understand your financial needs. No one understands your financial needs quite like you do.
It is also important to remember what your finances looked like during the marriage, as well as what it would look like apart from the marriage. Considering these differences and the gap between the two scenarios should help you arrive at a figure needed for support.
Having an accurate budget of your daily expenses can create a clearer picture of what was spent during the marriage and what you will need for the future.
Look at the Full Picture
Finances are so much more than just a monthly budget. Savings and investments also factor in. It’s important to keep a holistic view of all your assets including equity in your home, bank and brokerage accounts, retirement accounts, IRAs, and college savings accounts.
Obtain an Experienced Attorney
Having an experienced attorney on your side can help you get the spousal support that you deserve. If you are going through a divorce and need an experienced attorney to guide you through the process, including alimony, contact us today. We proudly serve clients throughout New Jersey as they navigate divorce and other complicated family law matters.