NJ Bill Could Lead To Changes In Alimony Decisions

December 04, 2012 (Press-News.org) NJ bill could lead to changes in alimony decisions

A new bill proposed in the New Jersey legislature has sparked conversations regarding alimony and prenuptial agreements in the state. The proposed law would alter the current standards used by judges in making determinations regarding both alimony and prenups.

The bill would change the way in which judges consider whether alimony should be awarded to one spouse or the other, and the appropriate payment. The law would eliminate some types of assets when calculating a spouse's income. The assets that would no longer be counted include:
-Stocks
-Bonds
-Bank accounts

In addition, the law does not allow the receiving party to request a modification of the alimony award -- such a request could only be made by the spouse paying alimony.

A proposed bill would also change the factors considered by judges when applying the terms of prenuptial agreements after a divorce. The law would prevent judges from weighing some significant changes that could have occurred after the prenuptial agreement was signed. For example, the law would prevent judges from considering whether a spouse set aside his or her career for the benefit of the other spouse or whether one party was diagnosed with a chronic illness.

Some have argued these laws would affect women disproportionally, as studies have shown it is twice as likely for a divorced woman to live in poverty as a divorced man. Others counter, however, that many other states have already enacted reforms to alimony statutes, and New Jersey should follow suit.

What are the current alimony laws in New Jersey?

Currently, courts can award alimony for different periods of time, including permanent alimony, to one spouse or the other. Courts are expected to consider a number of factors when determining whether alimony is appropriate.

For instance, a court should consider both the need of the receiving party and the ability of the other party to make the payments. New Jersey law also instructs courts to consider the length of the marriage and the age of the spouses. Other considerations include:
-The couple's established standard of living
-One spouse's absence from the labor market
-The highest degree of education achieved by each spouse and their earning potential
-Responsibilities to children

In addition to other factors specified in the statute, judges are allowed to consider "any other factors which the court may deem relevant."

When a spouse is considering filing for divorce, it is wise to consider his or her financial needs after the separation. A skilled, New Jersey family law attorney can provide advice on the best possible course of action.

Article provided by Levine & Levine
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