MINNESOTA SPOUSAL MAINTENANCE MODIFICATION
What if I have a Permanent Maintenance Award?
Sometimes misunderstood, event "permanent" spousal maintenance awards may be terminated, suspended, or extended in duration. The award may also be reduced or increased in amount, depending on the change of circumstances that would justify the modification. Considering the complexity of spousal maintenance law in Minnesota, it is important to consult with a competent attorney with experience that can analyze your situation in more detail. Adam Galili, Esq. and his legal team at Metro Law and Mediation have over 27 years of combined legal experience, including guiding and representing clients through post-decree Spousal Maintenance modification in Minnesota. Contact us today to schedule your free initial consultation with our legal professionals today.
The area of Spousal Maintenance as it relates to Minnesota Law is very complicated and can involve numerous considerations by the court. Attorneys in Minnesota constantly struggle to adapt to the ever-changing legal factors which may influence any modification decision by the Court. Although the primary factors are related to one or both parties' financial situation, there are other factors which may significantly affect your ability to modify both the duration and the amount of your spousal maintenance obligation or award. Contact us today to schedule a Free Initial Consultation with our experienced legal team.
Minnesota Spousal Maintenance MODIFICATION Considerations
A modification of a spousal maintenance award can be affected by a number of factors under Minnesota Law. While Minnesota Statute 518.552 is the first step in any analysis, some of the main considerations in modifying a spousal maintenance award in Minnesota are focused around:
- The terms and guidelines of your prior Minnesota Spousal Maintenance Order;
- The change of the financial circumstances of the spousal maintenance obligor (payor) or obligee (person who receives the award);
- Cohabitation of the obligee or a spousal maintenance award; and
- Ability of a party to continue paying the spousal maintenance award; and
- Current living expense changes since your last maintenance order.
Retirement + Spousal Maintenance Modification
The terms of your Minnesota divorce decree can significantly impact modifying spousal maintenance upon your retirement. While in most cases the reduction in income at the time of your retirement is generally significant, financial events that may have been agreed or ordered in your Divorce may be triggered at the time of your retirement. The financial impact of those events can have a significant impact on your ability to modify your spousal maintenance Order. While the required "change in circumstance" is generally present, other considerations which may be of importance include:
- Retirement Account/Pension - The type of account, your ability to draw income, and the tax consequences of those events, are all factors. Additionally, if your ex-spouse was awarded a share of your pension at the time of your decree, your retirement would likely trigger a flow of income to your ex-spouse, which would also significantly affect the analysis of your spousal maintenance obligation.
- Cash Flow - The change in your monthly cash flow during your transition to retirement may significantly affect your ability to meet your ongoing award. Investment income can be a consideration as well.
- Your Retirement Age- This issue has been looming in the background and is beginning to gain more influence under Minnesota law. Whether it is the pressure of a working society or otherwise, the expectation of potentially working part-time during retirement or even postponing retirement can be a factor.
YOUR BEST OPTION? PLAN AHEAD!
- If you have a spousal maintenance obligation in Minnesota and are considering retirement, part of your planning should be a consultation with a competent attorney that can analyze your situation in more detail and can advise you of your options. An attorney can listen to your concerns, analyze your situation, and give you legal advise to consider before making your next decision.
- Remember - every situation is different. Contact Adam Galili and our professional legal at Metro Law and Mediation to discuss your matter in more details.