If you are divorcing later in life, your concerns as you negotiate your property division and other agreements will likely revolve around ensuring that you can still retire comfortably on the timeline you desire. What if you are required to pay spousal support to your soon-to-be ex-spouse?
While “permanent” alimony is rare these days, if your spouse is also older and earns less than you or has been in and out of the workforce during your marriage, they may never be able to “catch up” to your income level. What does that mean for your eventual retirement?
First, family courts don’t expect people to work forever so that they can continue to pay spousal support. Both parties’ income is considered under New York law when determining spousal support payments, so any reasonable lessening of the payer’s income (like retirement) will likely be grounds for approval of lowering or even ending payments.
Prepare to present your case
If your divorce is in the rear-view mirror and you are now considering retirement – or planning to soon – you will likely want to seek a support modification from the court. It is important to be prepared to show that retirement is reasonable based on your age, health and occupation.
If you are nearing the age where you are eligible for Social Security retirement benefits and Medicare, showing your retirement is reasonable is less likely to be an issue. If you decide to retire at 50, you can likely expect more scrutiny unless you are no longer physically able to work.
What will the court consider?
If you have reached a reasonable retirement age given your health and occupation, the court will look at a number of factors to determine how much to modify your support payments by or whether to end them. Courts consider the following factors when modifying support:
- Both parties’ income (including Social Security, IRA distributions and pensions), savings and other assets
- Whether your ex-spouse has taken the necessary steps to become self-supporting (unless health or other reasons prevent it)
It is best to start preparing your case for seeking a support modification as early as possible. Even if your ex-spouse is agreeable to it, you will need to get court approval. Seeking legal guidance can help you along on the road to retirement.