Retirement and Divorce in New Jersey
Retirement can have a considerable impact on New Jersey divorces. For some spouses, retirement may be a distant thought. For others, retirement could be just around the corner after finalizing a divorce. Whatever the case may be, it is important to understand how retirement might impact your divorce in the future. When you plan for the effects of retirement ahead of time, you can approach this situation in a confident manner.
The exact effect of retirement on your divorce can depend on your unique situation. This is why it is always a good idea to consult with a qualified, experienced family law attorney in New Jersey who can assess your specific needs and requirements. These legal professionals can help you cover all your bases as you approach retirement. With an attorney by your side, you can ensure that there will be no nasty surprises when retirement rolls around.
Retirement can affect alimony considerably. If alimony payments are still being made when a paying spouse retires, then the paying spouse can terminate or reduce these payments. In New Jersey, courts tend to act more favorably towards spouses who have retired at the age of 65 or later. This is considered a legitimate “change of circumstances,” and there is a strong chance the spouse will either stop paying alimony or pay a smaller amount going forward.
Retirement can have a similar effect on child support payments. However, it’s important to note that in most cases, child support payments are a distant memory by the time a parent retires. If a parent reaches the age of 65 and is still paying child support, that means they had their child at the age of about 45 at the latest. That being said, it is theoretically possible for a parent to continue paying a child’s tuition costs long into their university years. It is also quite possible for a parent to have a child at an older age.
Regardless, retirement is also considered a “change in circumstance” when modifying child support. There is a strong chance that a retired parent will have their child support payments reduced or stopped entirely.
Courts in New Jersey also consider a number of additional factors when a divorced spouse retires. If a person retires before the age of 65, they are much more likely to face significant challenges when trying to modify alimony and child support. This is because courts are wary of spouses who decide to stop working simply to stop making payments to exes. Courts try to determine whether the retirement is “reasonable,” and they assess whether the decision to retire was simply to reduce alimony.
Enlist the Help of a Qualified Attorney Today
If you have been searching the New Jersey area for a qualified, experienced divorce attorney, look no further than Giro, LLP, Attorneys at Law. We have dealt with numerous divorces in the past, and we have helped spouses plan for all the possible eventualities after a separation. If you would like to learn how retirement might impact your divorce, reach out and book your consultation today.