When it comes to divorce, you will have to make a number of important decisions. These decisions may include child custody, child support, division of assets, and more. One of the most complex matters is often that of alimony. Read on to learn more about alimony arrangements in New Jersey.
How is alimony awarded?
Often, alimony will be left in the hands of a judge. In this case, a judge will consider some of the following factors in order to make a decision. These factors may include:
- Income and property
- Child support obligations
- Child custody arrangements
- The ages of both parties
- The health of both parties
- Each party’s earning capacity
- The dependent spouse’s need for education or training
- The dependent spouse’s deferred life goals
- If there are any tax consequences
- Caring for family members
What are the different types of alimony?
There are four common types of alimony in New Jersey, including:
- Limited-duration alimony: Generally, if you were in a short-duration marriage, the court will order the payment of limited-duration alimony. A court will make a decision based on the duration of your marriage, both you and your former spouse’s age, and both you and your former spouse’s earning potential.
- Open-durational alimony: This type of alimony is for spouses who have been married for over 20 years. Open-durational alimony does not have a set end date, though the amount can be modified based on a significant change of financial circumstances.
- Reimbursement alimony: A party may receive reimbursement alimony if their former spouse has foregone meaningful employment to pursue an advanced degree. Generally, this type of alimony is used to repay the spouse who was working while the other spouse was in school.
- Rehabilitative alimony: This form of alimony is generally used to pay for additional schooling or vocational training to help a financially dependent spouse reach financial stability.
If you have any questions or concerns about alimony in New Jersey, our firm is here to help. Reach out today to discuss your options.
Contact our Firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.