When it comes to the divorce process, couples focus on many different issues, from those which involve children to the emotional impact of ending a marriage. However, finances are a critical focal point for those ending their marriage and a number of financial matters arise after the divorce process. For example, many people wonder how their decision to get divorced will impact their Social Security retirement benefits.
Whether you are worried about your own retirement benefits or have questions about your former partner’s ability to receive Social Security retirement benefits, this is an important topic to explore.
Protecting Social Security retirement benefits after a divorce
According to the Social Security Administration, some people are able to receive Social Security retirement benefits after they split up with a spouse. However, there are multiple factors that determine whether one is eligible to receive these benefits. According to the SSA, some people can receive Social Security retirement benefits based on their former spouse’s record if they do not remarry, are over the age of 62 and were in a marriage that lasted for at least ten years. Moreover, people can receive Social Security retirement benefits based on their ex’s record even if they have a job and their former spouse remarries.
Protecting your financial future
It is important to understand the various ways in which divorce affects your financial future, whether you are worried about your ability to receive Social Security benefits or other forms of financial support (such as child support and alimony). Everyone is in a different position, so you need to carefully examine your options.