Divorce Series Part 5 NJ Alimony Law 2014
Video Transcript
This video explains the New Jersey alimony changes from 2014 that is still referred to by many attorneys as the new law. Some of the items discussed in the video are below: • In NJ in 2014 divorce laws changed substantially. When Governor Christie signed into law N.J.S.A. 28: 34, the law basically did away with permanent alimony. There was a lot of uproar in the state because when permanent alimony was awarded in the past, that meant that if the monied spouse retired, they still had to pay the alimony. This would result in them going back to court and trying to get a change of circumstances. • The new law seems to be restrictive, it actually made it more flexible. Now they could award more than one type of alimony in divorce settlements. • Alimony is assumed to end once the obligors reaches retirement age as defined by the Social Security administration. • Bed and board; allows you to keep survivor benefits with Social Security and some insurance policies, also may not change the will and estate planning. • Open duration; only if parties are married for at least 20 years, ends when you remarry or live with someone else, or spouse reaches retirement age. • Limited duration generally will not last longer than the marriage did, usually based on how long it will take you to improve your earning capacity. Courts may change the amount of the award but rarely the length of time it is paid. • Rehabilitation alimony usually awarded based on receiving more education or training, must follow specific steps for rehabilitation. • Reimbursement alimony based on you supporting your spouse through school or additional training and expected to benefit from your spouse’s increase in income. • “Court of equity”