Alimony (also known as spousal support) is one of the most hotly-contested family law issues. Alimony is not intended to be a permanent agreement, which is why, oftentimes, after the supporting spouse retires, he or she will begin looking into whether he or she can cease making alimony payments. Please continue reading and speak with our knowledgeable Bergen County family law attorneys to learn more about whether spousal support ends when you retire and how our firm can help. Here are some of the questions you may have:
How do I know if my spousal support agreement will terminate upon retirement?
The provisions regarding whether an individual can cease making alimony payments after retirement are set out in New Jersey’s alimony statute, N.J.S.A 2A:34-23. While in most cases, the answer is yes, you may stop making alimony payments upon your retirement in New Jersey, the truth is, there are various circumstances that may complicate matters and warrant you to continue supporting your spouse, even after you retire. For example, courts will primarily consider both your age of retirement and whether your settlement was signed before the statute was modified in 2014. Some of the most important factors that New Jersey courts will consider when determining whether you may terminate your alimony payments upon retirement are as follows:
- Your age
- Your health
- The duration of your marriage
- The age at which you retired
- At what age you were eligible for retirement
- What the standard age for retirement in your field is
- Whether you were provided with an incentive to retire
- Whether you retired at an age where working would no longer increase your retirement benefits
- The expectations established for retirement during your marriage
- Whether your former spouse is financially dependent, and to what degree
- Whether you have the financial means to continue making spousal support payments after retirement
- Any other factors the court deems relevant
If you have any additional questions, or you believe that your spousal support agreement should be terminated upon your retirement, you should reach out to our knowledgeable firm today. We have helped countless individuals obtain modifications to family law agreements over the years, and we are ready to do the same for you. Give us a call so we can get started.
Contact our experienced Bergen County firm
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.