Going through a divorce can place a significant amount of stress on those involved. However, when you rely on your spouse for financial support, this can put you in an unfortunate situation, as you may worry about how you will make ends meet. Luckily, you can request spousal support during your divorce to help supplement your income. If you’re unfamiliar with this process, you’ll want to keep reading to discover how the courts will calculate alimony payments. Additionally, you’ll discover why it’s essential to contact New Jersey alimony attorneys to help you during these challenging times.
What Should I Know About How New Jersey Will Calculate Alimony Payments?
It’s important to understand that alimony is not one-size-fits-all, and there is no universally accepted calculation when awarding spousal support. As such, the courts will carefully consider each case before making an alimony award because each couple’s needs and finances are different. Generally, you’ll find that the courts will often award 20-25% of the difference between your income and your spouse’s income. For example, if your spouse makes $100,000 a year and you make $50,000, the courts will calculate 20-25% of the $50,000 difference.
When awarding alimony payments, the courts will consider several factors. These include, but are not limited to, the following:
- The standard of living established during the marriage
- The paying spouse’s ability to pay
- Whether or not one spouse gave up their career to support the other
- How long you were married
- The earning capabilities of the parties involved
- The tax impacts
- How old each party is
What Else Should I Know About These Payments?
It’s important to understand that alimony payments are, in most cases, not meant to be long-term solutions. Instead, these act as supplementary income while the recipient spouse re-enters the workforce and starts to generate their own income. Generally, alimony payments will only last as long as the couple was married unless they have been married for more than 20 years.
Additionally, spousal support obligations can change based on the circumstances of both parties involved. For example, if the paying spouse loses their job, in most cases, they can apply to reduce or eliminate their obligation. Similarly, if the recipient spouse begins cohabitating with a new partner, the paying spouse can petition the courts to stop the payments.
Finally, if you are a recipient spouse and your ex has not paid you the alimony you are owed, you can file a motion with the courts. This will begin the process of ensuring you receive the funds you’re entitled to as per the divorce settlement.
If you are getting a divorce and want to seek alimony or your spouse has petitioned for payments, it’s imperative to have an attorney help you through this process. At Haber Silver Russoniello & Dunn, our dedicated team is ready to help you navigate these issues to ensure your best interest is represented. Contact us today to learn how we can assist you.