• 18
  • January
    2012

According to The Wall Street Journal, today it is more common for couples going through a divorce to discuss Social Security benefits during the property division process. But in the past, apparently that complex yet important discussion might not have been so common.

This could mean that those who have divorced in the past could have a valuable reason to revisit the financial details of their split. The reassessment could mean a significant difference in the amount of financial security that the least-earning partner could get out of the divorce.

The WSJ reports that exes who fit into the following situations should look into possible extra income from their exes' Social Security benefits:

  • Those whose marriages lasted at least 10 years
  • Those who are 62 and older and whose ex is currently collecting from his or her Social Security
  • Those who are 62 and over, whose ex is 62 or over, have been divorced for at least two years and whose ex is not yet collecting benefits
  • Those who are over 60 and whose spouse passed away
  • Those whose spouse didn't collect on Social Security until after full retirement

This all likely sounds a bit complicated, but sometimes what's worth fighting for can be complex. Financial security is hard to come by these days, not just for the divorced but for many couples that bring in two incomes. Social Security benefits could provide the extra income that a single person needs to live out the happier life she was hoping for when she got a divorce.

Beyond the aspect of being helpful, however, is the idea of getting what one is owed. The situations listed above were made rules because the system believes that a spouse is owed a certain amount in assets for being half of a marriage that saw such assets accumulate. It can be daunting to revisit the terms of a divorce, but if someone believes that she has missed out on some form of financial security, she shouldn't hesitate to contact a family law attorney and weigh her options.

Source

The Wall Street Journal: "When a Divorce Pays Off," Ellen E. Schultz, Jan. 14, 2012