If you’re like most adults, the majority of your working life has been spent saving for retirement. However, if you are also divorced and paying spousal support, you may wonder if payments will continue after you stop working, as you may worry about the impact of these payments on your retirement savings. If this reflects your circumstances, you’ll want to keep reading. The following blog explores what you should know during these difficult times, including the importance of working with an experienced Long Island alimony lawyer to help you navigate these complicated issues and fight for the best possible outcome.
How Is Spousal Support Determined?
There is a common misconception that, in New York, the lower-earning spouse will automatically receive alimony during a divorce. However, this is not true, as a spouse who wants alimony must first request it, and the court must examine their circumstances to determine if payments are necessary.
As such, the courts will consider the following factors when determining whether or not to grant spousal support:
- The age and health of each party
- Each party’s income
- Whether or not the recipient spouse sacrificed their career to support the other or raise a family
- If the recipient spouse has the necessary education and training to obtain employment
- The current state of the job market
- If the couple shares children, who the primary caretaker of the child is
- The tax implications of alimony on both spouses
- Whether or not the couple has a pre- or postnuptial agreement in place
These factors will not only impact whether or not the spouse receives alimony, but also how much the payments are, as well as the duration.
Will Payments Stop When I Reach Retirement?
Generally, if a paying party wishes to reduce or terminate alimony payments in New York, they must be able to demonstrate that a substantial change in circumstances has occurred that impacts their ability to make payments. Typically, you’ll find that retirement is generally considered a substantial change in circumstances, as this impacts your income and ability to make payments to your spouse.
You should note that, much like the fact that alimony is not automatically awarded during a divorce, payments are not automatically terminated upon your retirement. As such, you must file a petition with the court to terminate your payments. Until this is approved by the court, you must continue to make payments.
Divorce is incredibly complicated, and these matters may extend years after the dissolution of your marriage is formally recognized. As such, if you are approaching retirement age and you wish to terminate the alimony payments you’ve been making, it is critical to connect with an experienced attorney. At the Law Offices of Jay D. Raxenberg, our dedicated legal team will do everything in our power to help you navigate these difficult matters to fight for the best possible outcome. Contact us today to learn more.
