Getting divorced can be a financially confusing experience no matter what stage of life two people in New York are in. However, it can be particularly challenging for individuals who are just years away from retiring. An understanding of how divorce and Social Security work may help these individuals to make wise decisions about their financial futures while going through the marital breakup process.
When people get divorced, they are eligible to get money from Social Security based on their ex-spouses’ work records. Fortunately, their exes are not affected by the benefit amounts they receive. Those who have gotten divorced can receive 50% of their ex-spouses’ full retirement amounts if they begin to get benefits at Social Security’s full retirement age. Also, if their exes pass away first, they can get the benefit amounts that their exes would have gotten.
Before obtaining retirement benefits based on their ex-spouses’ employment records, however, people must meet several requirements. For instance, their marriages must have lasted one decade or more, and they must be 62 or older. In addition, their exes must qualify to get Social Security. Furthermore, their exes’ benefit amounts must be greater than their own benefit amounts.
Comprehending how Social Security benefits for divorced spouses is handled may help people going through divorce to make smart decisions about financial issues like property division and alimony. An attorney in New York can walk divorcing individuals through these matters so that they make decisions that will benefit them both long term and short term. The attorney’s main goal is to achieve an outcome that is in the client’s financial best interests.