Alimony and Retirement Accounts in Divorce
In North Dakota, the impact of alimony, also known as spousal support, on retirement accounts during a divorce is governed by specific statutes and legal principles. The North Dakota Century Code provides guidelines on how these matters are handled.
Spousal Support and Retirement
According to North Dakota Century Code 14-05-24.1, there is a rebuttable presumption that spousal support terminates upon the payor’s attaining full retirement age for social security purposes. However, this presumption can be overcome if the court determines that spousal support should continue based on several factors. These factors include the ages of the parties at the time of the marriage, the time of the entry of the spousal support award, and the time of the application for retirement. The court also considers the degree and duration of the economic dependency of the recipient upon the payor during the marriage (North Dakota Century Code 14-05-24.1).
Impact on Retirement Accounts
The division of retirement accounts in a divorce is a complex process that requires careful consideration of various factors. According to North Dakota Century Code 14-05-24.2, if one party to the divorce is covered by the civil service retirement system or other government pension system in lieu of social security and is not entitled to receive full social security benefits, the court shall compute what the present value of the social security benefits would have been to the party with the government pension during the covered period and subtract that amount from the value of the government pension to determine the government pension’s marital portion.
Alimony Modification and Retirement
The court has the power to modify its spousal support order, subject to certain limitations. If the payor spouse intends to continue employment after reaching the full retirement age, this could potentially affect the spousal support order. The court will also consider the health of the parties at the time of the retirement application, the assets of the parties at the time of the retirement application, and the sources of income, both earned and unearned, of the parties (North Dakota Century Code 14-05-24.1).
Conclusion
In conclusion, alimony can have a significant impact on retirement accounts in a divorce in North Dakota. The court considers various factors, including the age of the parties, the duration of the marriage, the economic dependency of the recipient on the payor, and the assets and income of the parties. It’s important to consult with a knowledgeable family law attorney to understand the potential implications of alimony on retirement accounts in a divorce.