If you’re like most, the majority of your adult life has been spent working to procure funds for your retirement. However, as you approach this time in your life, you may wonder what will happen to the alimony payments you’ve been making to your ex-spouse. Many are unsure if this milestone is grounds for modification or if they must continue payments as usual. If this reflects your circumstances, you’ll want to keep reading. The following blog explores what you should know about the impact of retiring on your spousal support and the importance of working with a Somerset County alimony attorney to guide you during these difficult times.
Is Retirement Grounds for Alimony Modification?
When you are retiring, you may worry that the portion of funds you had saved to support you after you stop working will be used to continue paying alimony. However, in New Jersey, you’ll find that this is considered a “good faith” reason to cease alimony payments. In fact, the law indicates that there is a presumption that spousal support payments will be changed or completely terminated when the paying party reaches the Social Security retirement age.
It’s important to underst, however, that a receiving spouse can dispute this modification. As such, the court will consider a number of factors, including the following:
- The age and health of each party
- The careers and income of each spouse
- The accepted retirement age in each spouse’s field
- The ability of the paying spouse to make payments following their retirement
- The recipient spouse’s finances, including their saving, retirement funds, and income
- Why the spouse is retiring
You should also note that if you wish to retire early, you may have additional questions that the court will ask, regarding why you made the decision, if your choice to retire early was reasonable, if this had been planned, and the opportunities of your ex-spouse to make accommodations.
How Do I Begin This Process?
If you are planning on retiring and you want to seek a modification or the termination of your alimony payments, the most important thing you can do is connect with an experienced attorney. They can assist you in determining the best course of action for your specific needs. Additionally, they can assist you in filing the necessary paperwork with the court to initiate the modification or termination, as well as gather the necessary documentation to help support this decision.
At the Siragusa Law Firm, our team understands how important it is to protect your finances. That is why our dedicated legal team will do everything possible to help guide you through these matters so you can best protect yourself during this process. When you need help, our firm is here. Contact us today to learn how we can assist you with these matters.