If you would like to know if retirement will affect your alimony payments in New Jersey, please read on, then contact one of our experienced Monmouth County spousal support attorneys today.
Do I qualify for a reduction in or termination of alimony payments after I enter retirement in New Jersey?
When making a decision, New Jersey courts will generally consider a host of factors, including the age at which you retired and whether you signed your settlement agreement before the modification of the statute in 2014. Before determining whether you may qualify for a modification of alimony payments, New Jersey courts will consider these factors:
- The current ages and health of both spouses
- Whether the paying spouse’s finances, after retirement, will allow them to continue making alimony payments
- Whether the supported spouse still financially depends on the other, and to what degree
- Where the paying spouse was employed, as well as the age that individuals in their field may legally retire
- Why the paying spouse retired
- Whether the paying spouse’s employer incentivized them in any way to retire
- Whether the paying spouse retired voluntarily
- Both spouses’ expectations for retirement when they were married
- Whether the paying spouse would have accrued additional retirement benefits if they remained employed
Can I modify alimony if I retire early in New Jersey?
Yes, you may request a modification of alimony payments if you retire, even if you retire early. Whether you retire early or at the normal retirement age, the court will ask the following questions:
- Did the paying spouse make the decision to retire in good faith?
- Was it, in light of all the surrounding circumstances, reasonable for the paying spouse to elect an early retirement?
- Had the paying spouse been planning retirement at a particular age?
- What opportunity did the supported spouse have to prepare for life with reduced payments?
Reach out to our skilled Monmouth County divorce attorneys before you take any action.
CONTACT OUR EXPERIENCED NEW JERSEY FIRM
If you require strong legal representation for matters of divorce and family law in Rumson, Monmouth County, or anywhere in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.