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…
Alimony is an agreement that is designed to ensure financial fairness and stability for you and your ex-spouse after divorce. But what happens when one of the parties moves on with a new partner and begins cohabitating? For NJ residents, cohabitation could dramatically aftect your alimony payments. If you plan on cohabitating with a new…
Digital assets, such as cryptocurrencies and NFTs (non-fungible tokens), have become an increasingly important part of the financial landscape. As their popularity and value grow, you or your ex may have incorporated these assets into your financial portfolios. But what happens when a couple goes through a divorce? In New Jersey, where equitable distribution of…
Alimony is a financial payment that is ordered by the court to support the spouse who may be unable to support the quality of life without his or her partner. If you are planning on separating from your spouse or have begun the divorce process, you may be wondering how much alimony you may receive…
After a divorce, living on your own can be challenging and overwhelming, especially if you have been married for many years. That is why, for many, cohabitation seems like the ideal living situation. However, in New Jersey, deciding to cohabitate with someone can have implications for various aspects of your life, including alimony and child…