Alimony, or spousal support, is a financial obligation one spouse may owe to another after a separation or divorce. The purpose of this support is to ensure the lower-earning spouse is not detrimentally financially harmed by the end of the relationship. However, the obligation can be modified or ended depending on certain factors. If you are nearing retirement age and are wondering whether alimony will terminate, continue reading and speak with a knowledgeable Bergen County alimony lawyer today.
Does Alimony Terminate Upon Retirement in NJ?
Alimony does not automatically terminate once the paying spouse reaches retirement age. However, their retirement can be considered a valid reason to modify or end their obligation to provide spousal support. Under New Jersey Statutes 2A:34-23(j), “There shall be a rebuttable presumption that alimony shall terminate upon the obligor spouse or partner attaining full retirement age.”
This means that there is a presumption that the spousal support obligation will end once the paying spouse retires, but the presumption can be fought if certain circumstances apply and the court determines that the recipient still needs the financial support.
Alimony can also be modified at any time, given that there is a valid reason to do so. Retirement is considered good cause to alter the spousal support agreement. When an individual retires, their financial situation changes as they stop collecting their standard salary and instead generally begin receiving Social Security benefits, pensions, etc. Depending on the significance of their pay cut, the court may decide to alter or terminate the alimony obligation.
How is it Decided Whether Alimony Will End?
Only a New Jersey state court can rule on whether or not to terminate spousal support. The decision will be made based on what is fair and reasonable to both parties. Upon the paying spouse’s retirement, the court will determine whether alimony should or should not be terminated by evaluating the following factors.
- The ages of the parties at the time of the application for retirement;
- The ages of the parties at the time of the marriage or civil union and their ages at the time of entry of the alimony award;
- The degree and duration of the economic dependency of the recipient upon the payor during the marriage or civil union;
- Whether the recipient has foregone or relinquished or otherwise sacrificed claims, rights or property in exchange for a more substantial or longer alimony award;
- The duration or amount of alimony already paid;
- The health of the parties at the time of the retirement application;
- Assets of the parties at the time of the retirement application;
- Whether the recipient has reached full retirement age as defined in this section;
- Sources of income, both earned and unearned, of the parties;
- The ability of the recipient to have saved adequately for retirement; and
- Any other factors that the court may deem relevant
Whether you are paying alimony or receiving it, understanding the legal implications of retirement is crucial in protecting your rights. Work with a skilled attorney at Feitlin, Youngman, Karas & Gerson, LLC for experienced legal counsel today.
