Do retired spouses have to pay alimony in New York?
After dedicating years of hard work to earn valuable assets, planning for retirement can be an exciting and rewarding experience. As you reflect on the fruits of your labor and look ahead to a future of financial security, you may wonder whether you will still be obligated to pay alimony to your ex-spouse. If you’re worried about how retirement may affect alimony payments, please continue reading and consult a knowledgeable Nassau County Alimony Attorney who can help you understand your legal obligations.
Can retirement impact alimony payments in New York?
As you plan for retirement and your future, you may be concerned about your financial situation, particularly if you pay alimony to your former spouse. You must review your divorce settlement agreement to determine whether you must continue to pay alimony after retirement. Generally, alimony payments have a timeline for when the obligation to provide this financial support will end. The agreement you and your former spouse came to during your divorce may dictate that alimony will end after your retirement. In some cases, a spouse may agree at the time of their divorce to pay alimony after they have retired. Therefore, it ultimately depends on what is stipulated in the divorce agreement. It’s noteworthy to consider your plans for retirement while you are in the divorce process, as the decisions you make will significantly impact your financial security in the future.
Nevertheless, retirement is often considered a substantial change in circumstances that could warrant modifications to an existing alimony order. When you retire, you might not have an income or instead rely on your savings to maintain your lifestyle. Regardless of the circumstances, the court will not require you to pay alimony if you can no longer afford to do so due to this significant change in financial circumstances. Therefore, retirement can result in the court reducing monthly payments or terminating the agreement.
Will my age affect it?
When divorcing, many couples wonder if their age will affect their alimony order. Although this is not a determining factor, your age will affect your eligibility for Social Security benefits. If you’re 62 years old, have not remarried, and your marriage lasted at least ten years, you may be able to receive Social Security benefits. However, you may have to share those benefits with your former spouse. If the court deems it necessary, they can garnish your benefits to provide your former spouse with the financial support they need. It’s imperative to note that your former spouse will not be eligible to recieve your benefits if they’re entitled to less than yours.
If you pay alimony to your former spouse and are retiring soon, it is in your best interest to contact an adept attorney from The Pollack Law Firm, P.C., who can advise you on this issue. We are prepared to help you understand what to expect and assist in addressing any legal issues regarding your alimony payments.
