Paying alimony after retirement can become increasingly difficult without an income besides the proceeds from your retirement account. On the other hand, the spouse receiving alimony may need that money more than ever as they age and become increasingly infirm.
Determining whether to end or reduce alimony for exes of any age can be tricky, and there may be good arguments on both sides. Ultimately, if the parties cannot work out an amendment on their own, it may be up to a family court judge to make a decision.
In a high-profile example, actor David Hasselhoff, 63, is asking a court to end his alimony obligation to his former wife, actress and producer Pamela Bach. Hasselhoff currently pays Bach $21,000 per month in spousal support. In addition, Hasselhoff has primary child custody of the two daughters he has with Bach.
In his filing, Hasselhoff mentions an urge to retire from acting. He writes that he is “at an age when I should be preparing for retirement and not having to continue working in order to pay [Bach’s] support,” according to CBS News.
According to Imdb.com, Hasselhoff will appear in three movies currently in development, including an adaptation of his TV series “Baywatch.” CBS reports that Bach has not acted professionally since the divorce, though she did participate in a reality show.
When you get divorced at a relatively advanced age, as Hasselhoff did, it is necessary to consider the implications that property division and possible support payments will have on your retirement plans. That will be a major part of your divorce attorney’s strategy.