Retirement often brings significant life changes, including new opportunities for relaxation and a slower pace of life. However, this time also comes with financial adjustments. For those paying or receiving spousal maintenance, it raises many pressing questions. What happens to the payments when your income shrinks? Does retirement justify a reduction in obligations? To gain a better understanding of your legal options and responsibilities, it is important to consult with a DuPage County, IL family law attorney.
What Happens to Spousal Maintenance When You Retire?
Retirement typically results in a lower income, whether it is due to transitioning to Social Security benefits, using retirement savings, or relying on pensions. This change can impact spousal maintenance obligations, as courts examine your income levels when determining payments. These orders are not automatically adjusted when you retire, so you may need to take legal action to modify your payment terms.