Union County NJ Types of Alimony Attorney
One of the primary considerations during divorce proceedings is the financial settlement or agreement included in the final divorce decree. Among these financial issues is the determination of alimony or spousal support, which may or may not be appropriate in a given situation. Because marriages can involve unique configurations and a variety of circumstances, there are also a number of different types of alimony to appropriately resolve these cases. Determining the likelihood of an alimony component in your divorce and if applicable, the type of alimony, can be time-consuming and difficult without the help of a knowledgeable divorce attorney. Edward S. Cooper provides has accumulated an impressive level of expertise in the area of family law as a respected legal professional who has practiced in New Jersey for over two decades. He will be happy to discuss your unique situation and provide you with a free case evaluation. Contact his offices in Union County, New Jersey at 908-481-4625 for immediate assistance.
Types of Alimony in New Jersey
With the implementation of the Alimony Reform Bill in September of 2014, New Jersey introduced significant modifications to its former policy regarding alimony and spousal support. Notably, the law established durational limits on alimony payments, meaning that there is the potential for termination and/or modification of alimony payments over time. What was once referred to as “permanent alimony” is now known as “open durational alimony,” with the change in terminology denoting the aforementioned shift in policy. In addition, the Reform Bill includes a list of “exceptional circumstances” under which the prescribed alimony provisions may be modified. It is important to note that alimony assessments and determinations may vary on a case-by-case basis to fit the specific situation.
The types of alimony that exist in New Jersey currently are the following:
- Pendente Lite (Temporary) Alimony: temporary financial support provided during the divorce proceedings to maintain the standard of living of each party prior to the final alimony determination; this form of alimony ceases promptly when the divorce is finalized and may be substituted for another type of alimony
- Open Durational Alimony: the type of financial support that replaced the former “permanent alimony” with the implementation of the 2014 Alimony Reform Bill; this form of alimony has no fixed termination date but typically ends when the providing party reaches retirement; this type of alimony is unlikely to be awarded in marriages lasting less than 20 years unless exceptional circumstances are relevant
- Limited Duration Alimony: financial support provided during a prescribed period of time; generally, the intention is to allow for the receiving spouse to become self-sufficient; this form of alimony cannot extend beyond the duration of the marriage unless exceptional circumstances are relevant; at times, these payments are ceased completely with the negotiation of a buy-out sum
- Rehabilitative Alimony: financial support intended to assist the receiving spouse with reintegrating into the workforce; typically, these payments are used to cover the costs of education or training to increase employability
- Reimbursement Alimony: financial support used to reimburse one party for financial contributions to the education or career advancement of the other; these payments may be used to cover the costs of education, training, or living expenses during the other spouse’s development
Notably, alimony arrangements may be modified during post-divorce modification proceedings if changes in circumstances so warrant. Also, alimony payments provided by the paying spouse are tax-deductible, while those received by the compensated spouse are considered taxable income.
Contact a Skilled Rahway NJ Spousal Support Lawyer
Considering the increasing complexity of alimony assessments and awards in New Jersey, it is extremely beneficial to have an experienced legal professional advising you throughout this process. To discuss your impending divorce and alimony considerations with Attorney Edward S. Cooper free of charge, contact his Union County offices at 908-481-4625.