The Law Office of Jennifer J. McCaskill
Contact Us
The Law Office of Jennifer J. McCaskill
Get In Contact

Alimony Might Not Be the Best Focus in Late Life Divorce

New Jersey Divorce Lawyer » Alimony Might Not Be the Best Focus in Late Life Divorce

As they near the end of a lengthy marriage, many New Jersey residents focus on negotiating spousal support. While alimony may be an important part of addressing financial needs after a divorce, older spouses may want to think about other options when it comes to working out the financial details. That’s because alimony is only a viable option while the paying spouse is still alive, while certain other assets could continue to bring in income regardless of the lifespan of one’s soon-to-be ex.

In many cases, assets like retirement savings, real estate and investments could have more value than alimony payments. Accepting a greater share of those assets at the time of divorce provides a more certain outcome. The recipient can determine how best to use those assets to meet his or her needs.

Talking a long-term approach is important during divorce. Some spouses make the mistake of focusing only on the short-term benefit of a substantial alimony payment, and fail to consider what might occur if the paying spouse passes away just a few years after the divorce. Purchasing a life insurance policy for the paying spouse with the recipient as the beneficiary offers a degree of support, but also requires constant monitoring to make sure the insurance payments are kept up.

Many New Jersey spouses want the freedom to walk away from a marriage that has ended with as little lingering connection with the other party as possible. Accepting a larger share of assets in lieu of alimony payments is a good way to facilitate that outcome. The recipient will have the ability to put those assets to use, whether that means funding a new retirement account, purchasing long term care insurance or downsizing to a more manageable home.

Go to Top