You may be satisfied with the amount and frequency of alimony payments that a New Jersey family law judge has ordered for you. However, you may be concerned as to whether this order will still stand the test of inflation over time. Follow along to find out whether inflation is considered in an alimony order and how a proficient spousal support attorney in Brick, New Jersey at the Law Office of Sarina Gianna, LLC can help you negotiate a fair and just settlement.
Will a New Jersey family law judge consider inflation in an alimony order?
A New Jersey family law judge may include something known as a cost of living adjustment (COLA) clause in your alimony order. Namely, a COLA clause will state that an alimony payer must increase their payments to an alimony recipient at a rate equal to the increased annual cost of living. An economic indicator, like the Consumer Price Index, can be referenced for computing this increase.
Aside from inflation, your alimony payments may still increase if a New Jersey family law judge includes something known as an escalator clause. More specifically, an escalator clause will state that an alimony payer must increase their payments to an alimony recipient based on their increased annual earnings. A judge may give a prespecified amount with this clause.
How else can I increase my alimony order?
In the months or years following the finalization of your divorce, you may realize that you require more spousal support than you originally anticipated. This may be due to inflation or other life circumstances that you could not have possibly predicted. You may file a petition for a post-judgment modification in this case. And you may just be eligible to receive an increase in your alimony order if you can successfully argue the following:
- You have experienced an unexpected decrease in independent income.
- You have experienced an unexpected loss of your job.
- You have experienced an unexpected financial emergency.
- You or your shared child have experienced an unexpected medical emergency.
- You or your shared child have experienced an unexpected disability.
- You or your shared child have experienced an unexpected hardship.
You must understand that being granted a post-judgment modification is difficult to do. And overall, the proceedings are challenging to navigate. So for assistance, you must reach out to a talented Ocean County divorce attorney. We look forward to collaborating with you.