What to Know About Modifying Alimony Based on Retirement

The New Jersey alimony law allows individuals to petition for an alimony modification before retiring. You may either reduce your alimony obligation or make an informed decision based on whether your alimony obligation will be reduced. To learn more about this process, continue reading. If you require assistance with modifying alimony based on retirement, do not hesitate to reach out to our experienced New Jersey alimony attorney. Give our firm a call today to discuss your retirement and your options for modifying your alimony agreement.

How can I modify alimony based on retirement?

There are two ways for you to modify your alimony and spousal support agreement. The first option is by discussing the matter with your former spouse where you will agree to a modification and submit it to the courts for approval in the form of a consent order. However, if you and your former spouse are unable to agree to an alimony modification based on your planned retirement, you can petition the courts to review your circumstances and order an alimony modification if your petition is successful.

With the assistance of your alimony modification lawyer, you will need to prove that there are significant and unanticipated changed circumstances. Retirement can represent this change in circumstances for many. However, for some high-net-worth individuals, it may not.

Whether or not your retirement represents a significant change in circumstance for you will depend on the investigations and presentations your attorney will make. This is why it is so important to have strong legal representation in these circumstances.

How can I create a financial plan for retirement?

You will need to present a clear picture of your finances, expense, and corresponding plans for both following your retirement. This will require an effective presentation of these factors to the courts as well as a thorough investigation and analysis.

Our legal team at Townsend, Tomaio, & Newmark has experience consulting with expert financial planners and consultants. This will allow you to gain a clear understanding of your projected income and expenses following your retirement. Our team will present these findings to a court of law in an effective and compelling manner. This information and knowledge of the financial and legal aspects of your retirement will assist you in making an informed decision regarding if and when you plan to retire.

To learn more about our service and how we can assist you with this process, do not hesitate to reach out to our team.

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.

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