Divorce often happens after many years or even decades of marriage. It can be daunting and even frightening to know that the life you’ve built as a couple is ending, and you’re not sure exactly what the future will bring.
If you earn considerably less than your spouse or maybe long ago left the full-time workforce to raise the children, help your spouse with social and community obligations or do unpaid charity work, it’s especially reasonable that you might be concerned about your post-divorce financial situation. Age and/or health issues or simply not having the necessary skills, experience and network of contacts can limit your ability to become self supporting.
The role of spousal support
That’s where spousal support (alimony) comes in. While New Jersey doesn’t have the option of “permanent” support, it does allow “open durational” support for marriages of 20 or more years. Judges can consider other factors besides the length of the marriage when determining the amount and duration of the support.
What if you believe you deserve more than just to be able to afford the basics? Maybe you’ve lived a comfortable lifestyle for many years based on your spouse’s income but also on your contributions to their success and to the family. Can you seek enough money to maintain that lifestyle if it won’t be a financial burden on your soon-to-be ex?
New Jersey law allows consideration of the “standard of living established in the marriage…and the likelihood that each party can maintain a reasonably comparable standard of living, with neither party having a greater entitlement to that standard of living than the other.”
If you and your soon-to-be ex and your legal representatives can’t negotiate a support agreement that takes this into consideration, you’ll need to be prepared to make your case to a judge.
Smart property division can be key
Maintaining the marital standard of living can be achieved by more than a fair support agreement. Your property division agreement can make a big difference as well. What real estate, investment accounts, vehicles, collectibles and more you keep can be key to a comfortable future. Having an expensive house with millions of dollars’ worth of artwork won’t help you pay the bills if you don’t have the liquid assets you need.
Consulting with your own financial, tax and real estate professionals in addition to your legal representative to determine what assets to seek can make all the difference to your future, as this new chapter of life begins.