Will I receive alimony? How much alimony will I receive?
Will I have to pay alimony? How much alimony will I have to pay?
One of the most contentious and stressful aspects of any divorce case is alimony, financial support paid to one spouse by the other after a divorce is finalized. No one wants to pay it and everyone wants to receive it. In a divorce situation, either party, husband or wife, may have to pay or may qualify to receive support.
When starting the divorce process, clients often want to discuss alimony immediately and have every right to be concerned about their financial future. We understand this concern and are prepared to discuss your options and give you realistic expectations of you may have to pay or receive once your divorce is final.
In New Jersey, there are four recognized types of alimony. The first, permanent alimony is usually awarded when a long-term marriage is ending and one spouse has an income significantly higher than that of the other. Rehabilitative alimony can be awarded to provide short-term support for educational and training purposes. This requires a detailed plan including timeframe leading to eventual employment. Limited duration alimony may be given in shorter marriages where one spouse needs temporary financial support to establish his/her post-divorce life. And finally, reimbursement alimony can be provided to a spouse who supported the other through extensive education and training for a lucrative career.
How is alimony calculated in New Jersey? When arriving at alimony awards, the goal of the court is to provide each spouse with a standard of living similar to what was enjoyed during the marriage. Unlike child support, there is no one formula the New Jersey courts use for deciding upon and then finally awarding alimony. Rather there are a loose set of guidelines suggesting factors that may be considered in determination including: length of marriage, the marital lifestyle the couple enjoyed, income of both spouses, anticipated post-divorce expenses, educational level, employment history and future employment opportunities, as well as other financial obligations including child support
Most divorcing couples are shocked to learn that alimony has tax implications in New Jersey. If you receive alimony, that is considered taxable income and alimony is a tax deduction for those who pay it. This tax exposure is critical to both your short term and long-term financial picture so it is critical to get a clear understanding of the influence of support.
Whether you are the one that is paying alimony or will receive it, you need an experience team of attorney who can evaluate all aspects of moving forward with your new life and negotiate a financial future for your happiness and comfort. Our expertise can be of great assistance in sorting out these legal obstacles, give us a call today.