A divorce is a big change and this change can also impact your finances. If you are getting divorced, you may be wondering about alimony arrangements and whether you will be able to receive spousal support. Read on to learn more.
What are the different types of alimony in New Jersey?
In New Jersey, there are different types of alimony you can receive depending on your situation. This includes:
- Limited durational alimony: Dependent spouses in short-term marriages may qualify. The goal of this alimony is to help the dependent spouse become financially secure within a fixed period of time.
- Open durational alimony: For dependent spouses in marriages lasting more than 20 years, this type of alimony may be awarded. While this structure has no set end date, the amount and duration of payments can be increased, decreased, or terminated depending on the situation. For example, if the dependent spouse remarries alimony payments will end.
- Rehabilitative alimony: This refers to a short-term support structure to help the dependent spouse to reach financial stability. This kind of alimony is typically used to advance one’s education. For example, if you put your education or career aside in order to take care of a family while your spouse worked, you may receive rehabilitative alimony to help you pursue education or re-enter the workforce.
- Reimbursement alimony: If a dependent party has set aside their interests for the other, this alimony structure is used to pay them back for the support they have offered. For example, if one spouse worked to support the couple while the other was in school, this type of alimony will compensate him or her for the cost of supporting the spouse in pursuing higher education.
How is alimony determined?
In order to determine whether you should be awarded alimony, a judge will consider the following factors:
- The length of the marriage
- The need and ability of either party to pay
- The age and health of either party
- The standard of living that was established over the course of the marriage
- The earning capacity of either party
- The need for education to advance the earning capacity of either party
- The history of financial contributions made by either party during the marriage
- Tax considerations of an alimony award
If you have any questions or concerns about alimony arrangements in New Jersey, our firm is here to help. Reach out today to speak with an experienced divorce attorney.
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