If you are divorced, your settlement agreement may require you to pay your spouse alimony for a specific period of time. Upon your retirement, however, you may want to apply to the court to modify or terminate your alimony obligation. Please continue reading and speak with our experienced New Jersey family law attorneys to learn more about the impact of your retirement upon your alimony obligation.
How do I modify my alimony obligation due to my retirement?
New Jersey’s alimony statute, N.J.S.A 2A:34-23, addresses the modification or termination of alimony upon the retirement, but the statute is complex. Generally speaking, there is a presumption that your alimony obligation will terminate when you reach full retirement age. However, there are numerous factors that the court will consider when deciding whether to modify or terminate alimony. The specific factors considered will depend upon your age at retirement and whether or not your settlement agreement was signed before the statute was modified in 2014. Below is a generalized list of some of the factors the court may consider when determining whether to terminate or modify alimony:
- You and your former spouse’s age
- You and your former spouse’s health
- Your field of employment and the legal age of retirement in your field
- The age you are eligible for retirement
- Whether your job has a mandatory retirement date, or a date where continuing to work would no longer increase your retirement benefits
- The reason for your retirement, such as whether your employer provided you an incentive to retire
- You and your former spouse’s expectations for your retirement during your marriage
- Whether you are financially capable of continuing support payments after you retire
- The degree to which your former spouse is financially dependent
- Any other factors the court deems relevant
Due to the complexity of the statute, your specific circumstances, and the impact this decision will have upon your finances, we recommend that you give our knowledgeable New Jersey family law attorneys a call today.
Contact our experienced New Jersey firm
We understand how confusing certain legal issues can be, which is why we are dedicated to providing individuals with the compassionate, knowledgeable legal representation they deserve. Aronsohn, Weiner, Salerno & Kaufman has helped clients with various difficult legal challenges for over 40 years, which is why we know we have the experience needed to do the same for you. For experienced legal counsel regarding family law, litigation, business law, real estate, and criminal law, you know where to turn–contact Aronsohn, Weiner, Salerno & Kaufman today to schedule a consultation.