What Happens to Alimony After Retirement in New Jersey?
When spouses divorce, they often have various issues to settle, including child custody, child support, property distribution, and, in many cases, alimony. That being said, even after a divorce is finalized, there are often times where the terms of a divorce will need adjusting in the months and years to come. In particular, alimony agreements frequently require modification. When former spouses remarry, cohabitate with another person, receive a job promotion/demotion, etc., alimony agreements often need modifying as a result. One of the most common questions our firm is asked is whether an individual can stop making alimony payments after he or she retires. Please continue reading and speak with our experienced Chatham family law attorneys to learn more about what happens with alimony after retirement in New Jersey. Here are some of the questions you may have:
Am I allowed to modify my alimony obligation after my retirement?
According to New Jersey’s alimony statute, N.J.S.A 2A:34-23, in many cases, alimony obligations end upon the supporting spouse reaching full retirement age. That being said, this statute is complicated, and oftentimes, there are exceptions to this rule that courts will have to consider. For example, courts will strongly consider the age at which you retire. Many professions, such as those in law enforcement, can retire at a very early age, which, in some cases, may influence whether an alimony agreement can be terminated. New Jersey courts will also consider whether your settlement agreement was signed before New Jersey’s alimony statute was modified back in 2014. Some of the most critical factors that NJ courts will take into consideration when determining whether you can terminate your alimony agreement upon retirement are as follows:
- You and your former spouse’s age and health
- Your area of employment
- The legal age of retirement, as well as what age you are eligible for retirement in your area of employment
- Whether your former spouse is now financially independent
- Whether your job has a mandatory retirement date
- Whether your job has a date where working would no longer increase your retirement benefits
- Your reason for retiring (e.g. your employer gave you an incentive to retire)
- What you and your former spouse’s expectations for your retirement was while you were married
- Whether your financial situation realistically allows you to continue providing alimony payments after you retire
- Any other factors the court deems relevant
For any additional questions, simply give our Chatham family law attorneys a call today. We are here to help.
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.