"Along with eliminating permanent alimony, the measure will set up a process for ex-spouses who make alimony payments to seek modifications to alimony agreements when they want to retire.
It will allow judges to reduce or terminate alimony, support or maintenance payments after considering a number of factors, such as “the age and health” of the person who makes payments; the customary retirement age of that person’s occupation; “the economic impact” a reduction in alimony would have on the recipient of the payments; and the “motivation for retirement and likelihood of returning to work” for the person making the payments.
Supporters said it will codify into law a court decision in a 1992 divorce case that judges use as a guidepost when making decisions about retirement.
But, as with previous versions, opponents remained concerned that the bill would apply to existing permanent alimony agreements, which many ex-spouses accept in exchange for giving up other assets as part of divorce settlements."
Each state does it differently, but in California alimony is generally 50% of the months of the marriage until 20 years and then it becomes permanent. The concept is that the spouses pooled their resources to generate the best outcome for the family and therefor the family should benefit from that outcome.
If one partner raised the children and took care of the home while the other partner acquired an education and developed a career, both partners benefit from successful children and a home so both partners should benefit from the income that was generated.
If government is going to change the rules, then they need to consider changing all of the related rules. When dividing assets, the courts will now need to consider the future value of an education, employment history, and business contacts. I could see a divorce where 80% of the current financial assets go to one spouse to offset these other assets. What is the present value of future income that is derived from the benefit of not having to stay home and take care of children?
That’s great point. Not that my wife and I could afford it, but I told her just the other night that the only way I’d be a stay at home partner is if there was enough money so aside that if things didn’t work out, I’d still never need to work again.
Not advancing your career is a tough sell.