Forbes recently addressed career change during divorce, noting that while making two simultaneous life changes can seem daunting, both divorce and career change are a time of new beginnings.
Our divorce lawyers in Monmouth know in some cases a career change, or re-entering the workforce, may be a necessary reality for a spouse who has been largely devoted to child rearing and keeping the household. Sometimes, the reverse is true and a spouse with a demanding career will need to step back because of the demands of being a single parent.
And in many cases, divorce is a time of self-reflection, which often leads people to move toward a career doing about which they are passionate.
Our Monmouth divorce attorneys know the earning potential and career prospects of a divorcing couple are among the most often overlooked or improperly evaluated parts of a New Jersey divorce.
Recently, we have written about tax changes to alimony and planning for divorce in 2019. Both of these articles relate directly to a couple’s financial welfare. But your future income potential is likely to have the biggest impact on your quality of life. Spousal support and other financial assistance can make divorce a great time to make such a personal investment. However, it’s important to always consider how a court will view your new career path, both in terms of earning capacity and its impact as it relates to child custody, visitation and support.
Forms of alimony in New Jersey include open durational (long-term), pendent lite (temporarily awarded during divorce proceedings,) rehabilitative, and limited durational.
Pendent lite alimony can address financial concerns during a divorce, so that career training can begin. Rehabilitative alimony is awarded to help you re-enter the workforce by requiring the necessary skills and education to do so. You may also find you are more eligible for financial aid due to your income and expenses after a divorce. In many cases, grants, student aid, and federal loans may be available.
From what alimony benefits are available, to how a divorce resolution is structured to best take advantage of financial aid options, sharing your career aspirations with an experienced Monmouth divorce lawyer can help secure the resources to make a new career or college degree a reality.
While there are many positives to seeking career training and advancement during divorce, Forbes relates some potential negatives may include demands on your focus and attention. A more serious concern is how the court views a career change, particularly if you are leaving a high-paying occupation. If the court deems the move is meant to avoid paying alimony or child support, you can be held to the higher income threshold.
In 2014, legal changes to open-durational alimony limited such awards to long-term marriages of 20 years or longer. Pendent lite, rehabilitative and limited durational alimony offer a limited opportunity to significantly improve your post-divorce career options and income potential.
Call Rozin|Golinder Law, LLC today for a free and confidential consultation.
