Mt. Juliet and Lebanon TN
Court ordered alimony payments have specific terms as to the amount to be paid and for how long. Keep in mind that alimony will usually not end until the receiver dies, becomes employed, remarries, or wins the lottery. There are few life circumstances in which a court will consider reducing alimony payments, but retirement may be one of those.
If you currently pay alimony but are looking to retire, here’s how your alimony payments may change.
During retirement, your income is significantly reduced. Alimony is typically based on how much money you make, so if you plan on receiving less money during retirement than you did while working, you should consider a request for a lower payment. However, your retirement must be because you are of age to retire or is medically necessary.
What if I don’t have a retirement?
Even if you solely depend on social security benefits, you still have to pay alimony. However, keep in mind that former spouses are sometimes able to claim spousal benefits, which may reduce his or her need for alimony.
What happens when the receiver retires?
If for some reason the receiver was working but is now seeking retirement because he or she is of retirement age or it is medically necessary, alimony payments could be increased. The court will assess the reasonableness of the request from the receiver and determine if an increase in alimony is necessary.
If you are a payer or receiver of alimony and are considering retirement, be sure to seek the advice of an attorney to go over your options and how your decision could impact your alimony payments.
Contact the Law Office of Yancy Belcher at (615) 773-2889 to learn more about our services in this area.
The law office of Yancy Belcher has been serving clients in Middle Tennessee since 1999.