3 ways to minimize the financial impact of alimony payments

On Behalf of | Oct 9, 2023 | Divorce |

When couples in New Jersey part ways, one common concern is the financial impact of alimony payments.

Alimony can be a significant financial burden, but there are ways to lessen its impact.

1. Negotiate fairly

Initiating an open and honest discussion with your future ex can be a constructive way to reach a fair agreement on alimony. Maintaining clear communication is important in this process. Work together to understand each other’s financial situations, needs and contributions. By reaching a mutual agreement, you may avoid the need for a court-imposed decision, potentially resulting in a more favorable outcome.

2. Document financial changes

Life is dynamic, and financial circumstances can change over time. If you face a significant alteration in your income, be sure to document it meticulously. For instance, if you lose your job, experience a decrease in earnings or encounter unexpected expenses, gather evidence to substantiate these changes. The court may consider these factors when reevaluating your alimony payments, potentially leading to a reduction.

3. Note cohabitation changes

New Jersey law permits alimony modifications when the recipient spouse begins cohabitating with a new partner. If you have evidence that your ex-spouse is living with a romantic partner, it may be grounds for reevaluating your alimony obligations. Be sure to gather relevant proof, such as shared living expenses or joint financial accounts, to present to the court.

While New Jersey has a low divorce rate of 2.2 per 1,000 people, many people find that dissolving a marriage is the best solution. In many of those divorces, one spouse will need to pay alimony. Taking a strategic approach may help relieve some of the financial impact.