When long-term marriages come to an end, one or both spouses may be worried about retirement. If one spouse relied on the other for income, he or she may wonder if Social Security benefits will allow them to retire at all. Fortunately, spouses do have the ability to collect on an ex’s Social Security benefits, but there are some important caveats to consider.
It is also important to discuss Social Security during a divorce to ensure that the divorce settlement is fair for both sides in the long term. Your divorce attorney can discuss the retirement planning aspect of divorce and how to best work with your ex during the divorce process.
At Elliot Green Law Offices, we pride ourselves on maintaining a wide knowledge base about as many potential effects of divorce as possible. This allows us to better counsel our clients and help them make long-term financial plans with confidence. To discuss your divorce, Call Us At 718-260-8668 Today!
1. You Can Collect On Your Ex’s Social Security, But There Are Some Catches.
According to Seacoast Online, there are a variety of requirements you must meet to be eligible to receive an ex’s Social Security benefits. Your marriage must have lasted at least 10 years, and the divorce must have been finalized for at least two years before you can draw on the benefits. You can claim the benefits when you turn 62, but only if your ex is also 62. However, you don’t have to wait for your ex to file for benefits before you do.
If you qualify, benefits will be determined as if you were still married, meaning that you will still receive half. It is still important to carefully consider when to take benefits, because taking them early can reduce them by up to 30 percent.
2. Getting Remarried Changes Things
If you decide to remarry, then you will no longer be eligible to collect benefits based on your first spouse’s earnings, unless your second marriage also ends in divorce. If your spouse is remarried, you will remain eligible to draw on their Social Security, and it will not affect either your ex’s or their current spouse’s Social Security payment.
3. There Are Limits On What You Can Collect.
You are only able to collect on one social security benefit, and you are required to collect on whichever is largest, so if your own work history qualifies you for a higher payment than you would receive from your ex’s benefits, you can only take yours. If you have been divorced more than once, the same rules apply; you can only draw on one of your ex’s benefits.
During a divorce, there are many things that should be considered that are easily overlooked, which is why you need a professional on your side that can help you consider every angle of your divorce settlement. At Elliot Green Law Offices, we have been working with Brooklyn clients for more than a decade. To schedule a free initial consultation, Call Us At 718-260-8668 Today!