As you and your spouse are undergoing your divorce proceedings, you may be wondering how your alimony will be settled. With this, you may also be wondering how long your alimony will last. Read on to discover the different types of alimony that are recognized in the state of New Jersey and how a seasoned Morristown alimony lawyer at Graves Andrews, LLC, can help you achieve the best possible outcome for your financial situation.
What circumstances are considered when settling alimony?
The New Jersey courts will consider a multitude of factors when determining how to settle alimony. These factors may be financial or non-financial in nature, or essentially any factor they deem as relevant, and may include the following:
- The age and health of both you and your spouse.
- The standard of living both you and your spouse established in your marriage.
- The yearly salaries of both you and your spouse.
- The earning capacities. of both you and your spouse.
- How your child custody and child support were settled, if applicable.
What are the different types of alimony in the state of New Jersey?
Firstly, it is important to note that alimony payments are not intended to be permanent. Instead, this is used as a means of financial support until the receiving spouse becomes financially independent once more. However, with that being said, there is a type of alimony recognized in the state of New Jersey as open-durational alimony. This type of alimony may apply to you and your spouse if you have been married for 20 or more years. This is because this type of alimony requires regular payments without requiring a predetermined end date.
Understandably, every divorce situation is unique, just like every financial situation is unique. So, below are the other types of alimony that the state of New Jersey offers:
- Limited-duration alimony: this type of alimony is best if you and your spouse have only been married for a short period of time. This is because this type of alimony has a predetermined end date and is only intended to last until the receiving spouse becomes financially independent once more.
- Rehabilitative alimony: this type of alimony is best if the receiving spouse requires financial assistance with paying for their vocational training or another type of education to earn more meaningful employment. This is also a short-term alimony with a predetermined end date.
- Reimbursement alimony: this type of alimony is best if the supporting spouse provided financial assistance while the receiving spouse was pursuing vocational training or another type of education to earn more meaningful employment. Essentially, this type of alimony will pay back the supporting spouse.
With all that being said, you must understand that your alimony settlement can be modified any time there is a significant or continuing change in your or your spouse’s financial situation. So, to get started on filing a post-judgment modification, contact a competent Morristown post-judgment modification lawyer today.