Whether you’re moving toward divorce or you’ve been divorced for some time, if you’re planning to retire not so far in the future, you may be wondering whether and how that’s possible if you’re required to pay alimony.
The good news is that courts don’t expect people to continue to work until they drop dead so that they can continue making alimony payments. Alimony can be modified or ended if the payor retires or moves to part-time or freelance work at a reasonable age or for other valid reasons.
What if there’s no specified end to the payments?
So-called “permanent” alimony is less common throughout the U.S. than it was decades ago, when most married women didn’t work outside the home and depended on their ex-spouse’s support when they divorced. New Jersey does have “open durational” alimony. This can last as long as needed until the recipient spouse can support themselves. There’s no specified end date.
Even if you’re paying that type of alimony to a spouse who may not be able to become self-supporting due to age, health or other reasons, you can still seek a modification when it’s time to retire. However, you will need to present your case to the court – especially if your ex-spouse isn’t agreeable to the change.
Presenting your case
As noted, if you plan to leave the full-time workforce at a more-or-less traditional “retirement age” for your line of work, courts are generally agreeable to modifying alimony payments. The court will look at a number of factors for both you and your ex.
For example, the court will look at your other sources of income (Social Security retirement benefits, pension, retirement plan and other investment income, veterans’ benefits and more). They’ll also look at each of your individual assets. If your spouse is younger than you, they’ll look at whether they’ve made reasonable efforts to become self-supporting.
It’s important not to assume that your last day on the job means the end of alimony. With careful planning and solid legal guidance, however, you can seek a modification (if not an end) to your payments that will let you enjoy your retirement years.