One of the reasons why a divorce can be such a stressful situation is because of the direct and indirect costs of it. You will be paying for legal counseling and the expenses associated with starting a new life. You will likely be doing both with less income than before.
If your spouse was the only one working, then how will you receive money now that the marriage has ended? This can be especially difficult if you’ve been out of work for an extended period. It’s not uncommon for one spouse to forego the ability to work so that he or she can manage the home. This allows the other spouse to focus on building a career.
The idea behind alimony is that both people can depart the marriage and live equally.
How Much Will I Receive/Pay In Alimony?
If you have children, there is a formula for calculating child support. It is a straightforward process. However, this is not the way alimony works.
In New Jersey, there are fourteen factors for determining alimony. For planning purposes only, you can estimate the amount by figuring the difference between incomes and assuming one-third of it will be alimony. For example, if you make $30,000 more than your spouse, $10,000 is the estimated amount you can expect to pay. This, however, will change for people with larger incomes (those who earn more than $250,000 a year).
Again, the above example is for your ability to plan financially before the amount has been officially determined. This is meant to help you budget for your future. These are some of the factors that will be considered when establishing alimony:
- The need and ability of the parties to pay.
- The duration of the marriage or civil union.
- The age, physical and emotional health of the parties.
- The standard of living is established in the marriage or civil union.
- The earning capacities, educational levels, vocational skills, and employability of the parties.
- The length of absence from the job market of the party seeking maintenance.
Proper Documentation
When you file for divorce in New Jersey, you will file a Case Information Statement (CIS) within 35 days. This is your time to submit your expenses each month. It is critical and required that you are honest and forthright because you will have to sign this and attest to its accuracy.
It never hurts to have documentation. For instance, if you account for how much you spend at the grocery store each month, use the number from your bank statement.
How Long Will Alimony Last?
Alimony is no longer a lifetime payment. It can be terminated if one person remarries or reaches their Full Social Security Retirement Age.
The length of alimony is also directly connected to how long the marriage lasted. If you were married for one year, then alimony will be paid/received for one year. Longer marriages, ones that lasted for more than 20 years, are exceptions to this and can last indefinitely.
Lastly, alimony might have to be modified. The spouse receiving alimony might obtain a high-paying job, or the other might lose a job. Peoples’ circumstances change, and alimony can be impacted because of it.
Csepes Law Offices
We understand that divorce can be an unsettling and emotionally difficult time. Your life is changing, and working with an experienced attorney can give you the assurance you deserve that someone is looking out for your financial future. For more information, contact us online to schedule a consultation.
Csépes Law Offices
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