Reducing Alimony Payments Before You Retire in New Jersey
There are many different cases when it is in an alimony payor’s best interest to seek a modification of their alimony payments. In general, alimony modifications can only be pursued when there is a change in circumstance which would warrant a modification, for example, loss of employment, or an injury or illness which would affect the payor’s income or ability to work.
One of the most common reasons to seek a reduction in alimony payments is when the alimony payor retires. The problem arises, however, when the payor and their Paterson alimony attorney wait to seek a modification of alimony until after the payor retires. The payor is obligated to make their regular payments while the modification process is still on-going, and there is always the possibility that other circumstances cause the courts to deny the alimony modification petition.
Thankfully, the New Jersey Alimony Statute allows individuals to petition for modification of their alimony payments before they actually retire.
At The Montanari Law Group, our Passaic county divorce attorneys are thoroughly prepared to advocate for your interests through alimony negotiations and trial proceedings in New Jersey Family Court. Over the last decade, we have helped countless clients in Woodland Park, Wayne, Clifton, and throughout Passaic and Essex counties to navigate through the complex process of divorce and achieve their desired outcome.
For a cost-free consultation with one of our highly knowledgeable divorce attorneys, contact our Passaic County offices today at 973-233-4396 or toll-free at 888-877-7985.
Modification of Alimony Pending Retirement Lawyer Passaic, NJ
The prospective retirement provision of New Jersey alimony laws allows for a petition of alimony modification based on retirement before the payor actually retires. When you and your Passaic alimony attorney petition for alimony modification, you can include a detailed financial plan for your retirement, which the courts will use in order to gain the most accurate possible understanding of your finances after your retirement.
If you are granted your petition for alimony modification, you can move forward with your retirement plan secure in the knowledge that your alimony payments will reflect your reduced income. If there is some extraneous circumstance that prevents the courts from granting your alimony reduction petition, then you have that knowledge before you retire, and can adjust your plans accordingly.
Thankfully, New Jersey’s Alimony Statute, N.J.S.A 2A:34-23(j), allows for individuals to petition for a modification of their alimony settlement in advance of their retirement. This allows for the individual considering retirement to receive judgment regarding their Mendham alimony modification petition before they have to make their final decision regarding their retirement. If the Passaic County alimony courts agree that the circumstances call for a modification of alimony when the payor does retire, you can proceed with your plans with the confidence that your alimony payments will be reduced in accordance with the change in your income. If, on the other hand, the courts deny your petition to modify alimony payments, you can decide to continue to work until you have saved enough money to continue to make expected payments and afford your retirement plan.
Planning Retirement Based on your Wayne, NJ Alimony Settlement
As you can see, it is possible in New Jersey to petition for alimony modification based on your planned retirement before you actually retire. As with any legal matter with such a large financial impact on your life, it is important that you speak with an experienced Clifton, NJ alimony attorney before filing your petition. Your attorney can help you to properly draft and file the necessary documents, make sure the courts are giving your case the attention and care it deserves, and provide you with sound legal advice throughout the process. New Jersey’s prospective retirement provision gives you a great deal of financial security when considering retirement, it is important that you take advantage of it fully with the help of your Wayne alimony reduction attorney.
Contact a Passaic County Alimony Modification Attorney Today
At The Montanari Law Group, we have extensive experience helping clients across Paterson, Wayne, Clifton, Passaic, and the surrounding communities to successfully petition the courts for a reduction in their alimony payments. We help our clients demonstrate to the courts exactly how their financial circumstances have changed, or may change pending retirement or a change in employment status, and walk them through the entire alimony modification process.
Our lawyers are always available to discuss your case or potential case with you. The leader of our family law practice, The Montanari Law Group, is a New Jersey Supreme Court Certified Civil Trial Attorney who has earned significant recognition during his distinguished career. In fact, he has been named among the Top 40 Trial Attorneys under 40 and among the Top 100 Trial Attorneys in the Nation by the National Trial Lawyers Association.
To schedule a free and confidential consultation regarding your alimLittle Falls office at 973-233-4396.