Spousal support is an important part of a divorce, but as time goes on, an individual’s ability to pay may change. If you or your former spouse is nearing retirement age, you may wonder whether it will have an impact on your alimony arrangement. Financial and other court-ordered obligations can be altered depending on the circumstances. Retirement could be considered a valid reason to modify spousal support, but it is important to understand how the specifics of your situation can impact the outcome of a modification petition. Read on and consult with a knowledgeable Suffolk County divorce modification lawyer for more information today.
What is Spousal Support?
Spousal support, also commonly referred to as alimony or spousal maintenance, is financial support paid by one spouse to the other after they get divorced. There are many types of alimony available in New York, each with different purposes. However, the main goal of this financial support is to ensure that the lower-earning spouse is not substantially affected by the divorce and can continue to maintain a similar standard of living after the marriage ends.
Can I Modify Spousal Support in NY Due to Retirement?
If you are paying spousal support in New York, you may be able to have the terms of your arrangement modified based on your retirement. A court will only permit a modification if there has been a substantial change in circumstances that warrants an alteration of the terms of the agreement. Retirement can be considered a substantial change as it can significantly lower an individual’s income.
Before approving a modification, the court will evaluate all relevant details of the situation. One of the most important factors is whether the retirement is voluntary or involuntary, and when it is taken. If the paying spouse decides to retire on their own or earlier than standard retirement age, the court may reject a modification as the individual is choosing to take a pay cut and could be attempting to get out of the support obligation. However, if the individual is being forced to retire due to layoffs, health issues, or some other reason, the court is more likely to be sympathetic and approve a modification.
New York generally considers an order eligible for modification if at least three years have passed since the order was entered or last adjusted. The state typically considers a 15% change in gross income as a substantial change in circumstances.
If you reached retirement age or retired for valid reasons, the order has not been modified in the last three years, and you saw a reduction in income of at least 15%, the court may agree to modify the spousal support order.
If you need to alter the terms of your alimony agreement, it is important that you are adequately represented. Reach out to a skilled attorney for more information today.
