Among the many financial aspects in a divorce that New Jersey spouses must contend with is the payment or receipt of alimony. This can have a significant impact on your ultimate income level for quite some time depending upon the circumstances of your situation. In the past, people married beyond a certain length of time could virtually count on lifetime alimony awards after a divorce. That, however, is not the case anymore.
NJ.com notes that a ruling by the State Supreme Court earlier this year eliminated permanent spousal support in New Jersey. Instead, judges are now given far more discretion in making determinations about whether or not alimony should be awarded, how long it should be awarded for and how much should be awarded. A total of 13 different factors must be considered when making these decisions. Things like the ages, education levels and potential earning capacities of both spouses are weighed in these situations.
The ruling not only scrapped permanent awards but made other changes. Alimony payees can be allowed to stop all payments upon turning 67, the current age of retirement. In addition, if you have been married 19 or fewer years when you get divorced, the number of years that alimony can be required to be paid may not be greater than the number of years your marriage lasted. This rule, however, can be bypassed if there are extenuating circumstances at play.
If you would like to know more about how alimony may be considered in your New Jersey divorce, feel free to visit the spousal support page on our website.