New Jersey Family Law Blog
Retirement: Planning for Your Alimony Payments
In today’s day and age, it can be difficult enough to retire without added financial concerns such as how you will be able to afford retirement while still making regular and full alimony payments. However, the good news is that if you are considering retirement, not only may you be able to modify your alimony agreement based on this change to your financial situation, you can request that a judge rule in this matter before you actually do retire.
By securing a spousal support modification ruling one way or the other before you actually retire, you will be better able to plan for your retirement with the definite knowledge of how much you will be expected to pay in terms of alimony post-retirement.
So how can you modify your alimony based on your pending retirement, and how does the alimony modification process work in Morris County? Let’s take a look.
Alimony Modifications and Retirement, Denville Alimony Attorneys
The most important aspect of any post-divorce modification is the ability of the party requesting the modification to demonstrate that circumstances have changed in a substantial and permanent way for any of the parties involved. And while there are certain situations in which a court might find a retirement does not qualify as such, for example if the courts believe the person is retiring in bad faith, retirement is much more often accepted as a significant change in circumstance which warrants a reduction, and sometimes termination, of support payments.
Of course, courts recognize that while many times retirement will result in an alimony modification, if a person retires and then for whatever reason is denied an alimony modification, or their obligations are not modified to the degree to which they expected, that can place that person, and by extension the party they are supporting financially, in an extremely precarious position.
Requesting an Alimony Modification in Advance of Retirement in Morris County
According to the New Jersey Alimony Statute, specifically N.J.S.A 2A:34-23(j), “Alimony may be modified or terminated upon the prospective or actual retirement of the obligor.” The key word in this sentence is “prospective,” as it allows for individuals planning for retirement to petition for an alimony modification as mentioned above before they actually retire.
Of course, before actually filing for an alimony modification on the basis of a prospective retirement, it is highly recommended that you work with an experienced Morris County alimony modification attorney in order to be able to present the courts with a thorough and well-documented financial plan for your retirement. Such a plan would include your expected living expenses, and your ability to meet these expenses using things such as pension funds, savings, etc.
Once you have a clear financial picture in place for your post-retirement finances, you and your Morris County alimony attorney can then much more confidently approach a court and request a reduction or termination in support payments.
Contact Our Madison Spousal Support Lawyers Today
At Jacobs Berger, our attorneys have extensive experience working with clients during and after divorce to secure fair and accurate alimony settlements and alimony modifications in towns across New Jersey and Morris County including Madison, Denville, Randolph, Morris Plains, Dover, East Hanover, Florham Park, Morristown, and more.
By focusing exclusively on family and divorce law, our firm is capable of providing the highly insightful, knowledgeable, and effective legal counsel that you and your family need and deserve in any family law matter.
To speak with our legal team today in a comprehensive and confidential case assessment regarding any kind of spousal support or support modification matter, including alimony modifications based on retirement or a prospective retirement, please contact us online or through our Morristown, NJ office at (973) 718-7705.