When it comes to alimony payments, retirement is a major consideration. In many cases, retirement will be considered a change in circumstances, which could prompt a modification of alimony payments. In this blog post, we will discuss how retirement might impact alimony payments in New Jersey. We will share how retirement might be considered a change in circumstances and how this could prompt a modification of alimony payments. We also explain how retirement will impact open durational alimony orders.
Will Retirement Prompt a Modification?
In New Jersey, alimony payments may be modified if there is a change in circumstances, including retirement. If one spouse retires, it could significantly impact the alimony payments, as the spouse's income may change following retirement. The court will consider the retirement as a change in financial circumstance and will modify the alimony payments accordingly.
How Does Retirement Impact Open Durational Alimony Orders?
In New Jersey, alimony payments may be ordered for an indefinite period of time, known as open durational alimony. Open durational alimony orders are designed to provide financial support to a dependent spouse after a divorce. If the payor spouse retires, it could have a significant impact on the alimony payments. The court will consider the retirement as a change in financial circumstance and will modify the alimony payments accordingly.
What Should I Do If I Plan to Retire?
If you are the alimony payor and are planning to retire, you should speak with an experienced alimony attorney. The attorney can help you understand how retirement might impact your alimony payments and help you prepare for a modification. You should wait to file for a modification until after retirement as if you file before your planned retirement without a substantial change in financial circumstances, the court will likely not approve your modification request.
Prepared To Help Every Step of the Way
Retirement is a major consideration when it comes to alimony payments. In many cases, retirement will be considered a change in circumstances, which could prompt a modification of alimony payments. At Sherwood, Johnson & Poles, we can help you understand how your future retirement can impact your financial responsibilities and alimony.
Are you planning on retiring and paying alimony to your former spouse? Schedule a free consultation with a member of our team to learn more about how we can help you navigate the changes ahead. Call us at to get started!
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