If you and your spouse are getting a divorce later on in life, certain divorce-related terms, like child support and child custody, may not be a priority. However, you may still be worried about how an alimony award will be determined. Read on to discover how alimony is awarded in a gray divorce and how one of the seasoned New Jersey alimony attorneys at Haber Silver Russoniello & Dunn can work toward an agreement that works best for your financial situation.
What is gray divorce?
If you and your spouse are both over the age of 50 and are deciding to terminate your marriage, then you are undergoing what is called a gray divorce. There is a special term for divorces that occur later on in life because, to reiterate, older couples will deal with certain issues that younger couples will likely not have to worry about, and vice versa.
What is open durational alimony?
Notably, open durational alimony has replaced what was once known as “permanent alimony” in the state of New Jersey. This type of alimony applies to couples who have been married for more than 20 years. And so, it is commonly awarded to gray divorcing couples.
How is alimony awarded in gray divorce?
Open durational alimony does not set an end date for spousal support. Rather, it continues until there is a reason for it to terminate. Such reasons to terminate or modify this obligation include the following:
- The supported spouse has since remarried.
- The supported spouse has since cohabitated with another partner.
- The supported spouse has since received a significant gift or inheritance.
- The supported spouse has since reached retirement age and started collecting Social Security benefits.
- The payor spouse has become disabled.
- The payor spouse has become unemployed.
Notably, a New Jersey family judge will not want an alimony order that forces your spouse to work past their retirement years. At the same time, they do not want an alimony order that forces you to be financially vulnerable between your divorce and your retirement years. With that being said, you should have to feel any of the following pressures:
- You should not feel pressured to make risky investments to keep up with your alimony order.
- You should not feel pressured to go back to the workforce past retirement age to keep up with your alimony order.
- You should not feel pressured to downsize your lifestyle to keep up with your alimony order.
- You should not feel pressured to start your Social Security benefits before you reach full retirement age to keep up with your alimony order.
This is why the end date for an open durational alimony order is flexible. And this is why you should speak up if you need your open durational alimony order to be modified in any way. For more information, do not hesitate in reaching out to our Morris County divorce and separation law firm today.