Money is not the only factor that should be considered when getting a divorce, but it does not hurt to get divorced at the most financially-optimal time. In addition to tax considerations, there are many other financial benefits or pitfalls to review before finalizing a divorce. While many couples focus on dividing up assets, there are also Social Security benefits that can be taken advantage of with the right planning. Unlike many factors in a divorce, the great thing about Social Security benefits is that even if one ex-spouse benefits from Social Security, this does not negatively affect the other spouse or take away from that spouse’s eligibility to receive Social Security payments. There are very few people who fully understand the fine details of the intricacies of the Social Security system, much less its specific rules for divorcés.
As long as your marriage lasted 10 years, you may be able to collect the Social Security benefits that you would have otherwise been able to collect if you had stayed married. You should be able to collect even if your ex-spouse has remarried. The following are a few restrictions on whether or not you can collect Social Security retirement or disability benefits that your ex-spouse is entitled to:
● You are unmarried (even if you remarried after your divorce, you may still be eligible for collecting benefits under the first spouse’s Social Security if you are single at the time of the collection.);
● You are older than 61; or
● Your ex-spouse is entitled to Social Security benefits.
You may not be entitled to benefits under your ex-spouse’s plan if your benefits exceed his or hers. However, in this case, you would still be entitled to yours, and your former spouse may be entitled to yours. Even if your former spouse has not applied, you can still receive them if you divorced at least two years ago and ifhe or she qualifies.
How Much Can I Receive?
If you start getting benefits at your full retirement age, your benefit will be equal to 50% of your former spouse’s full retirement amount. If you were born in 1960 or later, your full retirement age is 67. If you were born in 1937 or earlier, your full retirement age is 65. If you were born between 1937 and 1960, your full retirement age will vary between 65 and 67.
Besides these tips, there are many more financial and other considerations to take into account while going through a divorce. If you need skilled legal representation in a divorce, custody proceeding, restraining order, civil union or any other aspect of family law , you can turn to the Law Office of Renkin & Associates for the expertise that you deserve. Our attorneys fight hard to help clients protect their assets during a divorce, which is one of our San Diego divorce lawyers’ specialties. Contact the Law Office of Renkin & Associates today for representation in a custody issue or a divorce proceeding. We are prepared to zealously represent your interest to ensure you receive a fair outcome to your case.