Effect of Retirement on Support Obligations
Posted By Posted by Kim Byrd on Dec 3, 2012 1:20pm PST || Dec 3, 2012
Your child support or alimony can generally be modified upon a substantial change of circumstances such as a reduction in your income. The restriction is that the reduction in income must be involuntary and unforeseen. Retirement usually results in a reduction in your income, but it isn’t unforeseen. Almost everyone expects to retire someday. However, most of us have the option of continuing to work beyond retirement age, so our retirement is usually voluntary. Does this mean that you can’t have your alimony or child support reduced when you retire?
The Florida Supreme Court has made a special exception to the involuntary and unforeseen requirement for alimony. This means that you can probably have your alimony obligation reduced when you retire even if your retirement is voluntary. The court will consider your age, health, reasons for retiring, and the age at which others in your profession retire. Based upon the widespread acceptance of sixty-five as the normal age for retirement, you may have difficulty having your alimony reduced before you reach that age. The court will also consider whether your retirement and the reduction of alimony will place your former spouse in peril of poverty.
You will only be able to have your child support reduced if your retirement is involuntary. If you have a question about your family law case, contact the attorneys at Givens Law Group for advice.