When you get married, your finances become entangled in a number of complicated ways. Untangling these assets is one of the most difficult aspects of a divorce. In many cases, one spouse may be more financially dependent, leading to alimony payments. Read on to learn more about the different types of alimony awarded in New Jersey.
How is Alimony Determined in New Jersey?
New Jersey courts will consider several factors when deciding the type and amount of alimony payments you receive. These factors may include:
- your health and age
- your parental responsibilities
- each party’s earning capacity, the duration of your marriage
- the standard of living established in your marriage
- the length of your marriage
What Types of Alimony Are Available in New Jersey?
Every marriage is different. As a result, there are different types of alimony. The various types of alimony available in New Jersey include:
- Limited duration alimony: If you are a financially dependent spouse who has been married for less than 20 years, a judge will most likely decide on the amount of time you will receive financial support via alimony payments.
- Open durational alimony: Financially dependent spouses who have been married for more than 20 years, on the other hand, will most likely qualify for open durational alimony payments. In recent years, New Jersey courts have changed permanent alimony into open durational alimony, which means financially dependent spouses are granted alimony for an indeterminate period of time. However, if the individual receiving alimony payments gets a raise, remarried, or is otherwise able to support themselves financially, the alimony may be adjusted or terminated altogether.
- Rehabilitative alimony: This is for when a spouse puts his or her career goals aside to support their spouse’s career. If they divorce, rehabilitative alimony may be awarded to the dependent spouse to receive the retraining or reeducation they may need to get back into their field.
- Reimbursement alimony: This is generally reserved for repaying spouses who paid for the other spouse’s expenses while they underwent training or partook in schooling.
If you have any questions about the various types of alimony in New Jersey, reach out to our firm today. We are here to walk you through the process every step of the way.
Contact our experienced Ocean City firm
Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. Not only is your financial well-being at stake, but in a divorce, both you and your children’s emotional well-being are at risk as well. If you need a divorce and family law attorney in Ocean County, New Jersey, please do not hesitate to contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.