Many people who divorce later in life are rightly concerned about what their retirement will look like at a time when they have fewer earning years ahead and potentially higher living expenses after a divorce. Getting down to brass tacks to figure out exactly what you have to work with is key.
Of course, during the divorce settlement process, retirement accounts are often divided along with other marital property. You may emerge with a portion of 401k, pension or IRA benefits that will help you achieve your financial goals in retirement. You may also be awarded permanent spousal maintenance, most typically awarded when one spouse was the breadwinner while the other stayed home to raise children over a long duration.
Can I Get Social Security Benefits Based on My Ex-Spouse’s Work Record?
Taking it a step further, many wonder about social security benefits and how they might be affected by divorce. In a nutshell, people that divorce after being married for 10 years or longer can receive benefits on their ex-spouses’ record if the spouse seeking the benefit is unmarried, age 62 or older, has an ex-spouse that is entitled to social security retirement or disability benefits, and the benefit is higher than what they can receive from their own work record. As a divorced spouse, you will receive one half of your ex-spouses full retirement amount when you reach full retirement age.
Will my social security benefits be reduced if my ex-spouse draws on the benefits?
If eligible, your ex-spouse may collect on your social security on your work history when he or she reaches retirement age. This will not affect your own benefits – you will still receive the full amount you are entitled to.
Contact an Experienced Marital Property Division Lawyer
If you are considering divorce and have questions regarding how social security benefits are affected by divorce and marital property division, spousal maintenance or other concerns, contact the Libertyville Law Offices of Ronald L Bell for immediate assistance today at 847-495-6000.