If one spouse is financially dependent on the other, the dependent spouse may be awarded alimony payments in the event of a divorce. The goal of alimony is to help ensure that both spouses continue to meet the standard of living established during the marriage. Read on to learn more about alimony in New Jersey.
How is Alimony Determined?
In order to determine alimony payments, the court will examine the following factors:
- The length of the marriage
- The age and health of each spouse
- The earning capacity of each spouse
- The needs of the dependent spouse
- The independent spouse’s ability to support the dependent spouse
- If the dependent party had a significant absence from the job market
- Equitable distribution of property
- Each spouse’s responsibility for any children they have
- The standard of living the couple established during their marriage
- If there is any income available from investments
- If there are any tax implications from spousal support payments
Are There Different Types of Alimony?
Every marriage is different. As a result, there are different types of alimony that may be awarded:
- 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 payments in New Jersey, reach out to our firm today to speak with an experienced attorney.
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.