Modifying Alimony Based On a Prospective Retirement
Alimony orders are based on a number of different factors, but they cannot possibly take into account future changes to the economic status of either individual. Certain “changed circumstances” which are considered permanent can call for a modification of the existing alimony agreement.
One of these scenarios is the retirement or prospective retirement of the supporting party. Thankfully, under the revised Alimony Reform Act New Jersey law allows a person who is close to retirement to file a motion to make changes in their alimony agreement before they actually retire. This allows the individual to have a concrete understanding of their financial obligations after they retire, and plan accordingly. This type of alimony modification is what is know as “Prospective Retirement“.
If you want to have more information about retirement and other related-factors affecting alimony, the experienced New Jersey alimony attorneys at The Law Offices of Edward Cooper are able and fully capable to answer your doubts. For an initial consultation call us at (908) 481-4625. Start planning your future with us today.
Prospective Retirement and Alimony Modification Lawyer Union County, NJ
When a court considers you and your Union County spousal support attorney’s motion for alimony modification based on your prospective retirement, they will look at the following factors:
- Motives for Retirement – The court will want to make sure your retirement is in good faith (you’re not retiring as a means to pay less alimony).
- The health and age of both parties involved.
- Your field of employment and the average age of retirement in the specified field.
- The date at which your retirement will become active.
- Your capacity for making continued alimony payments after retirement and any plans you may have to work on a part-time basis after retirement.
- The financial impact this change will have on both parties involved.
Preparing for Your Retirement and Alimony Modification Process
While your Linden alimony modification attorney will guide you throughout the retirement and alimony modification process, you can get a head start and prepare by drafting a comprehensive financial plan for your prospective economic situation after your retirement. Be sure to include things like expected expenses, any pension income you may be receiving, and demonstrate exactly how your retirement will affect your income and economic stability.
Additionally, you should not file for alimony modification based on prospective retirement any more than 18 months in advance of your planned retirement. You and your Elizabeth alimony attorney will not be able to demonstrate to the courts an accurate assessment of your financial situation so far in advance.
Contact a Union County Alimony Reduction Attorney Today
At The Law Office of Edward S. Cooper, we have extensive experience helping clients across Union, Elizabeth, Linden, Plainfield, and the greater Union County area to successfully modify their alimony agreements for a wide variety of factors, including prospective retirement.
Attorney Edward S. Cooper strongly believes in working closely with his clients, and that by keeping them well-informed and involved in the legal process, he can best secure the outcome that his clients need and deserve in any legal matter.