Increasingly, people are divorcing after several decades of marriage. Once their children are grown and out of the house, they realize that they have different visions for the way they want to spend the rest of their lives. Maybe they find that they no longer have much in common.
Whatever the reason you’re divorcing in the second half of your life, your future financial security is likely among your chief concerns – and the same for your soon-to-be ex. If you’re ordered to pay alimony (spousal support), you may wonder what that means for your eventual retirement.
In New York, support payments are in part based on both spouses’ income. Therefore, a significant change in your income due to retirement would likely warrant a modification of your support order if you’re still paying alimony at that time.
The courts don’t expect people to work until they die of old age simply because they owe spousal support. However, you’ll likely need to show the court that your decision to retire is reasonable and provide information about your post-retirement financial picture if you seek to reduce or eliminate your payments. They’ll look at your ex’s financial situation at that time as well.
What will the court consider?
If you’re already divorced, paying alimony and considering retirement, it’s best to start preparing for this now, and to make sure you have sound legal guidance. Specifically, the court will likely want to know things like the following:
- Whether you’re at a reasonable age for retirement given your profession, health and other factors
- The sources and amount of your post-retirement income (like IRA distributions, pensions, investment income, savings and Social Security retirement benefits)
- Your ex’s non-alimony sources and amount of income
- Whether your ex has taken reasonable measures to become self-supporting (if that was part of the support agreement)
- Both your and your ex’s ages and health
- Both your and your ex’s individual assets
There may be other relevant factors as well. Every situation is unique.
If you’re planning to retire soon – or even to cut back significantly on your workload – it’s important to prepare your case for modifying your alimony payments. It’s essential to have experienced legal guidance. At The Law Firm of Poppe & Associates, PLLC, our focus is relentless advocacy for our clients. If you or someone you know is considering seeking a modification of their spousal support order, reach out to schedule a consultation at 646-665-3903 or by contacting us online.
Let Me Be Your Brave
Mia Poppe, Esq.
Managing Partner