Alimony is one of the most complicated matters of a divorce. This is because when you get married, your finances become intertwined in a number of intricate ways. Read on to learn more about alimony in New Jersey.
How Does a Court Determine Alimony?
The court works to determine who pays alimony, what type of alimony is paid, and the amount and duration of the payments. In order to make this decision, they will examine the following factors:
- The length of the marriage
- The age and health of each spouse
- The earning capacity of each spouse
- The needs of the dependent spouse
- The independent party’s ability to support the dependent party
- Whether the dependent party had a significant absence from the job market
- The equitable distribution of property
- Each spouse’s responsibility for any children they have
- The standard of living the couple established during their marriage
- If there is any income available from investments
- If there are any tax implications from spousal support payments
What are the Different Types of Alimony?
There are a number of different types of alimony awarded in New Jersey, including:
- Open durational alimony
- Dependent spouses in marriages lasting more than 20 years may be entitled to this alimony. Though the structure has no end date, the amount of alimony and the end of the alimony can be modified by changing circumstances.
- Limited durational alimony
- Dependent spouses in short-term marriages may be entitled to limited duration alimony. The award depends on the duration of the marriage, the age of the parties involved, and the earning capacity of each spouse. The purpose is to help one party become financially secure through a support structure within a limited time.
- Rehabilitative alimony
- This is a short-term support structure to help the dependent spouse to reach financial stability. This type of alimony is usually used to further one’s education.
- Reimbursement alimony
- When the dependent party has set aside their interests for the other, this alimony structure is meant to pay them back for the support they have offered. If one spouse worked while the other was in school, this support structure will reimburse them for the cost of supporting the spouse seeking higher education.
If you have any questions or concerns about alimony in New Jersey, our firm is here to help. Reach out today to speak with an experienced and dedicated divorce attorney.
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