If you are someone who is currently receiving alimony payments, or you are the financially independent spouse and are the one making alimony payments, you may believe that the terms of your alimony agreement should be modified months or years after your divorce has been finalized. Read on to learn more about the alimony modification process and how our firm can help.
Why would someone seek an increase in alimony payments?
If you are the financially dependent party in a divorce, there is a very good chance you will request alimony to help you maintain your standard of living. However, if, as time goes on, you or your former spouse’s financial situation changes, you may request an increase in alimony payments. Some of the situations that may warrant an increase in alimony payments are as follows:
- The supporting party’s income increased
- The dependent party recently lost their home
- The supporting party recently received an inheritance or came into a large sum of money
- The dependent party’s cost of living has escalated
- The dependent party has recently developed a medical condition or was seriously injured and now has costly medical bills to pay
Why would someone seek to decrease their alimony payments?
On the other hand, many former spouses believe that the dependent party no longer needs alimony payments, or no longer requires the current amount. Some scenarios that have warranted a decrease in alimony payments are as follows:
- The dependent party has recently remarried and does not require a third form of payment
- The supporting party is going to retire
- The supporting party lost their job or was demoted
- The dependent party got a job or a boost in yearly income
- The supporting party’s cost of living has substantially increased
- The dependent party did not take the necessary actions to become financially independent
How do I modify my alimony structure?
Generally, the easiest way is to reach an agreement with your spouse by submitting a “consent order.” However, this is not always possible, so if your spouse does not agree to the new terms, you may have to file a request for an alimony modification with New Jersey courts. If you can prove that you truly need financial support, the court will most likely grant you an alimony modification.
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 moving out of your marital home during your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.