Alimony and Retirement Attorneys in Bergen County, NJ
Modifications to Alimony Based on Retirement
Retirement is a significant milestone. It represents a substantial change and opens the door for a wide variety of new possibilities. Whether it’s to spend more time with family and friends, focus on a new hobby, or just plain “take it easy,” it’s entirely up to the retiring individual.
For many, however, retirement can also bring about a great deal of financial strain when it comes to meeting obligations such as existing alimony and spousal support agreements. How can someone consider retiring when they have these expenses to address?
For those individuals, the good news is that New Jersey alimony law ( N.J.S.2A:34-23) allows for you to petition for an alimony modification before retiring. By doing so, based upon your planned retirement, you may either reduce your alimony obligations or at least make an informed decision knowing whether your alimony obligations will be reduced.
At The Law Office of Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to modify their alimony agreements based on a variety of changed circumstances, including a planned retirement.
Contact our firm to discuss your retirement, and your options for modifying your alimony agreement, in a free and confidential consultation with our attorney team today.
Modifying Alimony Based on Retirement
There are two possible ways for you to modify your alimony and spousal support agreement. The first is by discussing the matter with your former spouse, mutually agreeing to a modification, and submitting it to the courts for approval in the form of a consent order. While this is probably the easier of the two options, it does not come out without potential legal pitfalls.
If you and your former spouse are unable to agree to an alimony modification based on your planned retirement, you can instead petition the courts to review your situation, and order an alimony modification should your petition prove successful.
As with any kind of post-divorce modification, you and our alimony modification lawyers will need to prove that there are significant and unanticipated changed circumstances. While retirement can represent a significant change in circumstance for many individuals, for some high-net-worth individuals it may not.
Whether or not your retirement represents a significant change in circumstance for you will depend a great deal upon the investigations and presentations our attorneys can make on your behalf.
Creating a Financial Plan for Retirement
Along with your petition to the courts for a spousal support modification, you will also need to present a clear picture of your finances, expenses, and corresponding plans for both following your retirement. This requires not only a thorough investigation and analysis, but also a knowledgeable and effective presentation of these factors to the courts.
Our spousal support modification lawyers regularly consult with expert financial planners and consultants, so we can help you gain a clear understanding of your projected income and expenses following your retirement. We will also present these findings to a court of law compellingly and effectively.
Knowing the financial and legal aspects of your retirement will help you make a more informed decision regarding if, and when, you plan to retire.
Contact Our Hackensack Alimony Modification and Retirement Attorneys Today
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to plan for their retirement and secure an alimony modification judgment before they retire. Our firm strongly believes that by keeping our clients highly informed and involved throughout any legal process, and listening closely to their unique needs and concerns, we can better work to achieve the type of resolution which best meets those needs and concerns, and protects the financial, legal, and parental futures of our client’s and their families. To speak with our attorney team today in a free and confidential consultation regarding your retirement and a potential alimony modification based on that planned retirement, contact our firm.