Introduction: Can You Afford Divorce While It’s in Progress? Divorce is stressful enough without worrying about how you’ll pay the mortgage or feed your kids in the meantime. If you’re financially dependent on your spouse and suddenly find yourself cut off, the thought of navigating the divorce process alone can feel terrifying. Here’s where temporary…
Alimony is seen as a vital mechanism for many people going through divorce, particularly those who aren’t financially independent after the separation. However, alimony can become problematic for both payors and recipients when there are changes in income, such as job loss or other significant financial shifts. In New Jersey, alimony is not set in…
Negotiations during divorce can be challenging, emotionally-charged, and bureaucratically complex. Then alimony is brought into the mix and unleashes a new level of difficulty. Although alimony is designed to help a financially dependent spouse move on after a divorce while maintaining a decent standard of living, it’s not always awarded and may not always seem…
Alimony can be life-changing in situations where one spouse is financially dependent on the other. However, for the payor spouse, the financial burden of alimony—often paired with child support—can be daunting, especially since circumstances are very likely to change after divorce. One solution for people going through divorce has emerged known as “alimony insurance” in…
Back in 2014, New Jersey answered the question: Should alimony be permanent? The governor signed a bill for alimony reform, transforming permanent alimony into open durational alimony. Other types of alimony were also introduced to address various challenges met by the dependent spouse following divorce. However, there is still a discussion about whether permanent alimony…
When you reach retirement age, it is natural to look forward to enjoying the fruits of your labor and to finally put your working years behind you. However, for individuals who are paying alimony, retirement can raise an important question: Can I stop paying alimony once I retire? In New Jersey, the answer is not…
Prior to 2014’s alimony reform signed into law by Governor Chris Christie, New Jersey had permanent alimony. Residents of NJ found permanent alimony to be punitive and unfair. For example, Dean Dobkin, a resident of Burlington County, had to pay his ex-wife $5,000 a month indefinitely, although she was better off financially than he was.…
Currently, the divorce rate in the United States is 3.2 divorces per 1,000 population, but New Jersey is slightly lower, around 2.7 divorces per 1,000. Furthermore, New Jersey has the lowest divorce rate in the Northeast. Many divorces result in some form of alimony (about 10% of all divorces) paid to one spouse from the…
If you are a high-net-worth individual going through a divorce, you will find that your finances come into question multiple times, particularly when it comes to spousal support. In New Jersey, where financial disparities between spouses play a critical role in shaping alimony awards, high-net-worth divorces demand a nuanced approach. Factors like substantial assets, business…
Changing careers can be a moment of pride. It is definitely a significant life decision, one that can reshape your future and make it better. However, for individuals involved in alimony agreements, changing careers comes with legal and financial implications. Whether you are the paying or receiving spouse, altering your income through a career shift…