Like many others who have gone through a divorce, you may find yourself wondering how this process could affect your financial future. It is difficult to navigate the financial challenges that come with the end of a marriage and extricating two financial lives, and you may also wonder what your future will look like. This is a particular concern for the lesser-earning spouses as they will no longer be able to depend on the income of their partner.
Divorce will likely lead to significant changes and adjustments to your spending and other aspects of your life. If you are the lesser-earning spouse, you may also wonder if you could be eligible for spousal support. In New Jersey, the court does not automatically grant spousal support. You will benefit from learning more about whether you could be eligible, how much you may receive, and what you can do to ensure that you get the full amount you deserve.
Factors that impact spousal support designations
Spousal support is not a guarantee, but that does not mean that you will not receive help if you earn significantly less than your soon-to-be former spouse. The court considers spousal support on a case-by-case basis, and they make their determinations based on factors that are unique to your individual situation. The intent of spousal support is to offset the economic inequity often brought about by a divorce. A court may grant it permanently, or may give it on a temporary basis until you have had a chance to financially recover after your divorce.
The court will consider factors such as the length of the marriage, the income of both spouses, your ability to seek additional income, and whether you gave up your career for the benefit of your spouse’s career. You have the right to ask for a certain amount or provisions that you believe are fair. It is also possible for you and your spouse to negotiate the terms of your spousal support order together, avoiding the need to take this matter to court.
Financial decisions that will impact you
The choices you make during your divorce will impact you for years to come. Whether you are negotiating terms or preparing to fight for your interests in court, it is critical that you consider how your decisions will affect you long into the future. It may be in your interests to have experienced guidance as you navigate this process.