For many adults, working hard to retire comfortably is the ultimate goal. However, when you are making alimony payments to your ex-spouse, you may wonder about the impact these payments can have on your retirement. As such, the following blog explores what you should know about these matters, including whether or not you must continue to pay alimony after your retirement. You’ll also discover the importance of working with St. Louis alimony lawyers to help you fight for the best possible outcome.
How Does Missouri Determine Alimony?
There’s a common misconception that when a couple divorces, the lower-earning spouse will automatically receive alimony from the court. However, in reality, a spouse who wants alimony must request it when they file for divorce or respond after being served by their spouse. Once it has been requested, the courts must examine a number of circumstances to determine if alimony is necessary, and if so, the amount and duration of payments.
As such, the courts will consider the following factors when determining whether or not alimony is necessary in Missouri:
- The health of each spouse
- The age of each spouse
- The income of each spouse
- Each spouse’s earning capacity
- If one spouse put their career on hold to support the other
- If one spouse put their career on hold to start a family
- Who the primary caretaker of the children is
- What, if any, education would be necessary for a spouse to re-enter the workforce
- The state of the job market at the time of the divorce
- The tax implications for either party
- Any other factors the court deems relevant
What Impact Does Retirement Have on Payments?
When you exit the workforce, you may assume alimony payments will stop. However, this is far from the truth. In Missouri, if you wish to stop or change spousal support payments following your retirement, you’ll need to petition the court for a change first.
In most instances, alimony payments can only be modified if there is a substantial change in circumstances, as a considerable decrease in your income can warrant the termination or modification of payments. However, you should note that all income, including benefits and your retirement plans, as well as the needs of your spouse, will be considered during this process
It’s critical to understand that you cannot simply stop making alimony payments to your spouse without a court order. Doing so can result in you being held in arrears for missed payments.
If you want to seek a change in your alimony because of retirement, it’s imperative to connect with an experienced attorney with the Stobie Family Law Group to help you during these difficult times. Our firm understands how complicated these matters can be to navigate, which is why we will do everything in our power to help you fight for the best possible outcome. Contact us today to learn how we can assist you during these difficult matters.
