Divorce Issues: Social Security
If you are divorcing and your marriage lasted ten years or longer, this blog is for you; if you are a virtual voyeur, this blog also might be for you. There's a trend in blogs and articles now to cover a topic known now as the "grey divorce": even NPR and Forbes have taken note. What makes this demographic so special is the length of the marriage and the age at which the divorce occurs. A grey divorce refers to those who might be experiencing a certain amount of grey in their hair. A growing number of divorces take place now amidst those who have been in long-term marriages. While this affects many financial aspects in different ways than those experiencing divorce a little earlier in life, it directly impacts retirement and social security benefits.
In our aptly named blog "Divorce and Your Finances," we discussed how finances remain a big portion of ending and settling the remains of a marriage. For this entry we highlight divorce and, wait for it, social security benefits. While not everyone divorcing is entitled to their spouse's benefits, a good number of people qualify, even if their ex remarried. What's more is, these folks will fall into the grey divorce category.
You might qualify to receive your ex-spouse's social security benefits if:
- Your marriage lasted ten years or longer;
- You did not remarry;
- The benefits you are eligible to receive are less than those for which your former spouse is entitled;
- You are 62 or older.
Of course we don't outline all the details here because legalese is boring and difficult to read, but we want you to understand you do have rights. Knowing what financial rights you possess helps in numerous ways for planning your future after marriage. Plenty of people divorcing fall under a "grey divorce" and need a secure future. There isn’t time to build up a “nest egg”. How can you find security, know how to move forward, and obtain what is legally yours from a long marriage? Have your questions answered about divorce and the effect it can have on your finances and your future. You can take the next steps by scheduling an appointment with Blake Ray. It’s about to get better, and we’re here to help.