29 Sep Can Spousal Support Be Modified Due to Retirement?
During a divorce, one spouse is typically ordered to make spousal support payments to the other spouse. One of the most important factors used in determining the amount of a monthly spousal support payment is the respective incomes of each party. However, it’s possible to seek a modification of the alimony agreement at a later date if the financial circumstances of either party change.
Retirement often results in a reduction in monthly income and as a result, it’s one of the most common reasons used to seek a modification of spousal support.
In New Jersey, there are a variety of factors used to determine whether the retirement of one of the spouses warrants a modification of spousal support:
- Reasonable expectations of the parties at the time of the divorce agreement
- The ages and health of each party
- Whether the supporting spouse was planning on retiring at a specific age
- The motives for retiring
- The timing of the retirement
- The opportunity given to the dependent spouse to prepare to live on a reduced alimony payment
- The ability of the supporting spouse to pay alimony after retirement
- The ability of the depending spouse to be financially self-sufficient
- Whether the retirement was voluntary or mandatory
- Whether the retirement occurred at an earlier date than what would have been reasonably anticipated at the time of the divorce agreement
If you are seeking to modify your spousal support agreement due to retirement, Jeffrey M. Bloom can help. He has been handling divorce and family law matters for individuals in the West New York area for more than 20 years, he knows the factors which impact how the court will rule in your case, and he can make sure your best interests are protected every step of the way.
Please contact the Law Offices of Jeffrey M. Bloom using the form at the top of the page or call (855) 208-3650 today to schedule your alimony modification consultation. Mr. Bloom serves clients in West New York, and throughout Hudson County and Bergen County, New Jersey.