Whether you’re an older couple preparing to start the divorce process or you and your spouse have been divorced for a while, understanding how retirement impacts alimony payments is critical. Unfortunately, many older individuals don’t consider this, which can lead to a number of issues down the line. As such, the following blog explores if retired spouses are required to pay alimony and any other questions you may have regarding these unique circumstances. Additionally, you’ll discover how a Somerset County alimony attorney can help you navigate any complexities that arise because of this process.
Will Retired Spouses Need to Pay Alimony?
When a spouse retires and is no longer working for their income, it may seem like alimony payments to their ex-spouse will automatically stop. However, this is not always the case. New Jersey has many specifications that must be met when determining whether or not to cease alimony payments for a retired spouse.
In New Jersey, retirement age is considered 65. When someone reaches 65 and retires, they are no longer obligated to provide spousal support payments to their spouse. Once this occurs, if applicable, the dependant spouse can receive Social Security benefits on behalf of their spouse. However, the courts will hold a hearing to examine the circumstances surrounding the retirement to determine whether or not the situation warrants stopping alimony payments for the recipient’s spouse.
While most cases of a spouse retiring will halt alimony payments, as a 2014 statute states, the courts may find additional information to order that spousal support should continue. This includes:
- How old the party was when applying for retirement
- How old they were when alimony was initially awarded
- Each party’s income
- If the dependant spouse was able to build adequate savings
- How financially dependent the recipient spouse was
- How much alimony has already been paid
It’s important to understand that if the paying spouse is applying for early retirement and termination of alimony, they must prove their choice is in good faith and not simply to stop spousal support payments.
How Can an Attorney Help Me During These Challenging Times?
In the event you are looking to retire early or at age 65, and you’re paying alimony to your spouse, it’s in your best interest to contact an experienced attorney as soon as possible. Unfortunately, there are many complications that can arise during this process, so doing what you can to mitigate issues that could prolong this process and cost you money in the long run is critical.
At the Siragusa Law Firm, we understand you just want to retire in peace. That’s why our team is dedicated to doing everything possible to help you end alimony payments upon your retirement so you can focus on enjoying the next chapter of your life with a clean slate. Contact our team today to learn how we can help you during these complex legal matters.