Whether you will be (or are already) paying or receiving alimony, your primary concern is to be able to afford to live well after your divorce. This is your new beginning and we understand you will be fearful about getting the best alimony agreement to enable you to plan for that bright new future.
Alimony (or “spousal support”) can play a big role determining the quality of your new life and affect your financial standing for years to come. As such, we understand how important this is to you and we work diligently and creatively in your support negotiations to ensure a settlement that is right for you. Here’s everything you need to know about how alimony works in New Jersey.
What Is Alimony?
Alimony is an amount of money one spouse pays to the other during a marital separation, ongoing divorce, or after the final decree of divorce. In New Jersey, spousal support is also payable during or after dissolution of a civil union or same sex marriage. Unmarried couples may need to pay/receive palimony in New Jersey.
The main purposes for alimony are:
to allow both members of a divorcing couple to maintain a lifestyle as similar as possible to the lifestyle the couple enjoyed together during marriage, and
to balance the economic consequences of divorce to prevent them from falling disproportionately on either spouse.
Deciding whether spousal support is appropriate in any given divorce case can be complicated. Do you want to assess the probability of an award either as a payer or as a recipient in your particular situation? We offer a free strategy session with an experienced family law attorney. Get answers to your questions and advice in a free consultation.
How is New Jersey Alimony Calculated?
New Jersey courts do not follow a specific formula in calculating spousal support amounts, but instead take into account all relevant factors in each case. Courts are required to consider various factors when calculating alimony as detailed in New Jersey statutory law.
The following factors generally have the greatest impact on spousal support decisions:
- The tax effects of payments (alimony ordered or agreed upon prior to 2019 was generally taxable income for the receiving spouse and tax deductible for the paying spouse; alimony ordered or agreed upon in 2019 or later is no longer taxable or tax deductible for either spouse)
- Length of the marriage (Reforms to the New Jersey alimony statute effective in September of 2014, place limitations on the duration of alimony awards in connection with the length of a marriage)
- The marital standard of living
- Each spouse’s age and health
- The income available to each spouse, including any income resulting from marital property distribution
- Each spouse’s history of financial or other contributions to the marriage, including contributions as a homemaker or parent
- Each spouse’s ability to earn, based on factors such as education, job history, parenting responsibilities, and the possible need for education or training to qualify for appropriate employment
- Whether one spouse needs financial support to maintain a lifestyle reasonably close the marital standard of living
- Whether the other spouse is able to pay such financial support and still maintain a comparable lifestyle
Securing Your Financial Future
Spousal support is an issue that can affect your life long after your divorce is finalized. Whether you are seeking an initial support order, an alimony modification or enforcement of a spousal support order that is already in place, expert guidance from someone who understands New Jersey spousal support law inside and out can be priceless.
So if you like the idea of a fresh start with your assets intact and your future secure and would like a hand ensuring the best possible outcome from your alimony case – we can help!Your initial consultation is free… and your peace of mind is priceless. Call now: (888) 888-0919