How to handle alimony in retirement.

Asked almost 5 years ago - Newark, NJ

Divorced 15 years ago after a 25 year marriage, I recently filed to terminate or reduce permanent alimony because I was terminated from my job at 65. The court ruled that I had to find a job and/or pay alimony by liquidating retirement assets. The Net income from those assets would be less than the alimony, and my total income in retirement, including SS would be equal to ex-spouse who is 61. Ex has blown $800,000 in equitable distribution and other assets over past 15 years, while I've managed to save-back enough for a low-end retirement. Both ex and I have underwater mortgages, mine due to an attempt to help a child, hers due to a need to buy over her head. My only options appear to be: (1) work til I'm dead to support ex or; (2) spend down retirement savings and take my chances

Attorney answers (1)

  1. Cassandra T Savoy

    Contributor Level 9

    Answered . YOur question raises a number of questions. First, since you seemed to have a sizeable estate subject to equitable distribution, I would assume that one of the assets was your pension. Most judgements of divorce plan for the reduction in the supporting spouse's income at the time of retirement. And, I should add that that retirement at age 65 is considered standard. I am curious about your wife's access to social security. At any rate, you need to bring your jedugement of divorce and all of the relevant documents you can produce to an attorney to determine the feasibility of filing a "Lepis" motion in the attempt to reduce your alimony.

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