Alimony is essentially financial support for one spouse after a divorce. The timeline and amount of alimony that a person may be ordered to pay can be a financial obligation that goes on for decades. As society has changed and both sexes are in the workforce and able to be financially sound on their own, outdated alimony laws are being reviewed in New Jersey and other states. New Jersey has recently updated the law, and anyone involved in a high-asset divorce may want to learn about the changes.
One major part of the law that has been reviewed is the amount of time for which a person can be ordered to pay alimony. Now, a person may only have to pay alimony for the number of years they were married, if they were married less than 20 years. This can prevent a person from being ordered to pay for decades more than the marriage lasted.
Also, the new updated laws also give judges better guidance as to how to handle situations of retirement and cohabitation when it pertains to alimony. Proponents of the changes say they are welcomed, as couples now live divorced from each other for decades and well into their 90s. Other states are also reviewing outdated alimony laws and determining what changes may be fair.
Alimony can help an ex-spouse maintain a certain lifestyle. However, decades after an order is handed down, that order may become difficult for the paying spouse to abide by. A high-asset divorce can mean that a great deal of potential alimony is on the line, and that amount can have a massive impact on both parties. More information about the changes in New Jersey should be sought out by anyone who may be ordered to pay or who may have been awarded an amount of alimony for a specific period of time.
Source: washingtontimes.com, “New Jersey updates alimony laws“, Cheryl Wetzstein, Sept. 11, 2014