If you’re like most adults, your life has been spent working to save for retirement. However, as you approach the end of your career, you may worry about whether or not the funds you’ve worked hard to support yourself after you exit the workforce will be used to continue alimony payments for your ex-spouse. If this reflects your circumstances, you’ll want to keep reading to learn how retirement will impact spousal support payments and the importance of working with a Nassau County alimony lawyer to explore your legal options during these difficult times.
How Does New York Determine Alimony?
Unfortunately, many people assume that alimony is automatically awarded to the lower-earning spouse in a divorce, which is far from the truth. In reality, any spouse who wishes to receive alimony must request it in their divorce petition or response, and the court will examine their circumstances to determine if these payments are necessary.
To determine if alimony payments are warranted, the court will consider several factors, including, but by no means limited to, the following:
- The health and age of each spouse
- Each party’s income and earning capacity
- How long the couple was married
- If one party put their career on hold to support the other
- If the couple shares children, who the primary caretaker is
- The tax implications for either party
How Does Retirement Impact Spousal Support Payments?
In general, your alimony payments don’t automatically stop when you retire. As such, if you are planning on retiring in New York, you cannot simply stop making payments. However, you are eligible to file a petition to terminate these payments, as this is considered a material change in circumstances. In fact, there is a presumption that once a spouse reaches retirement age, their obligation to continue paying will end. It is the burden of the recipient spouse to prove why payments should continue.
Generally, if you can no longer afford alimony payments because of a drastic change in circumstances, you can file a petition with the court to have payments modified or reduced. As mentioned, you must continue making alimony payments until a court order has been issued ending your obligation to do so. If you stop making payments before then, you could be held in arrears.
As you approach your retirement, you should be thinking about how you’re going to spend your golden years, rather than worrying about if you will have enough funds to continue supporting your ex-spouse while making ends meet. That is why it’s imperative to connect with an experienced attorney to assist you during these difficult times. At Barrows Levy, PLLC, we understand how overwhelming the court system can be to navigate, which is why we are committed to helping you during this process. Contact us today to learn how we can help you with these complicated circumstances.
