Planning for retirement can be an exciting but still high-stakes event. For some, retirement is the time when they can finally relax and enjoy their life without the stress of working. For others, it may be a time of financial insecurity. One worry that many divorcing people have is how their alimony payments will be affected by retirement.
While you plan for your life after leaving work and prepare for your future, you might be concerned about your financial state, especially if you pay alimony to a former spouse. Our alimony attorneys at Shemtob Draganosky Taylor share what future retirees should know about their alimony payments.
Retirement May Prompt a Modification of Alimony Payments
If you are paying alimony and retire, if your agreement or court order allows it, you might be able to request a modification of the payments on the grounds of changed financial circumstances. When retired, you might not have an income and instead rely on investments, retirement accounts, and savings to maintain your lifestyle. If your agreement or court order allows it, the court will review your change in circumstances and consider a modification, either lowering monthly alimony payments or prompting an early termination. For this reason, it is important to consider your plans for retirement while you are in the divorce process.
How Will My Ex-Spouse's Retirement Impact Me?
If you receive alimony from your ex-spouse, and they are retiring, you may be worried about how your alimony payments will be affected. It is important to talk to a trusted family law attorney who can advise you on this issue. They can help you understand what to expect and how to address any legal issues that arise.
Strategic. Focused. Shemtob Draganosky Taylor.
At Shemtob Draganosky Taylor, our team is dedicated to helping our clients plan their divorce financial arrangements around their or their ex-spouse’s retirement. Post-divorce, our attorneys help clients understand their alimony options after changes in financial circumstances, such as when a payor retires. We understand that this can be difficult and stressful, so we work to create an individualized strategy for our clients to receive the best possible outcome.
Are you planning on retiring but have an active alimony order? Are you the recipient of alimony and your ex-spouse is retiring? Contact us today by calling our firm at (215) 544-3974 to schedule a consultation.