When ending one’s marriage, Social Security may be one of the last things on one’s mind. This is particularly true for those who are years or even decades away from even being able to collect these benefits. However, for couples in New York or elsewhere, considering how divorce will affect their future financial situations and available benefits is certainly important.
After getting a divorce and when the time comes, one may be entitled to collect Social Security based on his or her former spouse’s work record. This is something few may know about or really consider. Of course, there are very strict guidelines to which must be adhered in order for this to be achieved.
So, what are the rules regarding collecting Social Security based on a former spouse’s work record? For starters, the marriage must have lasted a minimum of 10 years. Along with that requirement, one must remain single until after the age of 60. Those who remarry before they reach 60 years of age will lose any rights that they had to make this type of claim.
Why is this important? At the end of the day, what one receives in Social Security benefits can make or break the bank during retirement. Considering future finances is an important part of the divorce process, and this aspect is certainly one that divorcing couples in New York or elsewhere should not overlook. With the assistance of legal counsel and financial advisors, one can gain a greater understanding of current and future financial situations and how Social Security benefits may be affected due to divorce. By taking the time to consider money matters now, it is possible for divorcing couples to work out the best financial settlements available for their specific circumstances.
Source: tallahassee.com, “What does divorce have to do with Social Security benefits?”, Bill Jones, June 25, 2016