alimony in new jersey: what you need to know

12

Upload: brad-micklin

Post on 06-Aug-2015

43 views

Category:

Business


0 download

TRANSCRIPT

Alimony is rarely “one size fits all” and is customized for every divorcing

couple. Many factors come into play during a court’s decision as to which

party should pay alimony in a divorce. There are several types of alimony, and

it helps to have a professional advocate at your side when navigating this

process. Attorneys experienced in family law and family financial matters can

handle your alimony proceedings.

The length of a marriage is one factor when determining alimony, as is the

age of both parties. Similarly, the health of both parties, and therefore their

future earning potential, has a say in a court’s decision. Other factors that

may influence alimony proceedings include each spouse’s work history,

education, and more.

Alimony is essentially the idea that when your marriage ends, both spouses

should be able to go on living as they were before the divorce. The person with

the most income will likely have to share that income with their spouse. The

standard of living in a marriage is the description of how you lived as a married

pair, and certainly varies from couple to couple. For some, this involves multiple

homes, cars, and vacations; other couples have less capital to handle in a divorce.

Each spouse's ability to sustain a similar standard of living is a factor

considered during alimony proceedings. This includes their career history and

ability to retain further education, if needed. Also, length of time away from

the job market, if applicable, will be considered in alimony proceedings in

New Jersey.

This form of alimony often arises in the situation where one spouse supports

the other while he or she is working on receiving a degree. In the case of

divorce soon after a degree is received, a court may award reimbursement

alimony to the benefactor of the education costs. As time goes on, however,

the likelihood of reimbursement alimony diminishes. Still, the paying spouse

may be able to receive part of the value of the degree in equitable distribution

of the marital assets.

For spouses who have been out of the workforce, rehabilitative alimony is financial

support that is provided for a short period of time so the recipient can adjust. This

type of alimony will allow the divorced spouse time to "rehabilitate" him or herself

financially. After a divorce is finalized, the judge will award rehabilitative alimony

to be paid until unique criteria are met, such as remarriage and/or gaining

employment. Despite the seemingly cruel label, "rehabilitative" does not imply

personal fault and has been used as a legal term for decades.

Limited duration alimony is paid for a unique period of time; the alimony

terminates upon completion. This form of alimony usually exists when the

marriage was not long enough to justify long-term alimony. Amount of limited

duration alimony and length varies based on many personal factors, like marital

assets and work history.

This form of alimony was usually awarded in situations where both parties were

married for significant length before the divorce. In most cases, permanent

alimony ws awarded when one spouse was financially dependent on the other

during the marriage. However, New Jersey governor Chris Christie recently

signed a bill that will limit payments to the length of any marriage that lasts less

than 20 years and end most alimony support after the paying spouse retires.

Located in Nutley, New Jersey, The Micklin Law

Group is dedicated to meeting the needs of

their clients using personalized service and

expert counsel. They pride themselves on

efficient and frequent communication

designed to help clients faced with often-

overwhelming legal tasks. Unlike large firms

where clients are just a number, The Micklin

Law Group follows every detail of a case from

beginning to end.

To learn more, please call 973-562-0100 or visit

http://micklinlawgroup.com/.

• Alimony varies state by state in the United States. In NJ, there are four common types of alimony. A judge’s decision in awarding alimony depends on many factors, several of which are outlined in this presentation.

Summary