Posts Tagged ‘retire’

Does My Spousal Support Duty End When I Retire?

Monday, April 17th, 2017

When you retire, there is the possibility that your financial circumstances will change. In some cases, social security starts coming in – replacing your current method of income. You would need to adjust your lifestyle.

Many still pay for spousal support even when they reach the point of retirement. Some wonder if they are still required to pay spousal maintenance. Unfortunately, alimony is not immediately terminated once you retire. There are many reasons that spousal support can be terminated, but unless the retirement drastically changes the retiree’s financial situation, it is unlikely that the family court will stop or reduce the current support payments required.

The way to go about attaining a modification to your current alimony plan is by presenting your new (and impactful) reduction in your income, via your new social security payments and whatever retirement funds you have saved.

In some professions, this will include a pension as well. By showing that there was a significant reduction in your salary, the judge would be more inclined to grant a reduction.

Additionally, the judge will also take into consideration your former spouse, who is receiving the alimony. Their income and expenses are equally as important as the fact that you are now retired and may have a lower income, as they might also be on the brink of retiring as well, facing similar circumstances as yourself. Without them being able to support themselves, the chances of a complete end to alimony payments are slim.

 

Related Articles:

How Long Do You Have To Pay Spousal Support?

2 Types of Alimony In New York