It’s hardly surprising that many divorcing parties in New Jersey and nationally – especially those on the cusp of or already in their retirement years – focus especially acutely on money matters during the dissolution process.
That just makes sense, right? After all, most relatively older divorcing individuals don’t have a job-related income stream that they can still rely upon for years to some. Some divorcing parties worked little, or not at all, during their marriages, seeing instead to important matters like home management and child rearing.
In short, it is logical for most divorcing persons to look closely at all the potential sources of wealth that they have a reasonable expectation of receiving as they enter a new phase of life.
As one national investment publication recently notes, Social Security can sometimes play a special role following divorce.
Of course, many people can claim retirement benefits based on their work histories. It bears noting additionally, though, that they can sometimes opt to claim benefits pegged to their ex-spouse’s lifetime work record instead. If that is higher, states the above-cited article, “there’s no reason not to do so.”
Here’s a caveat relevant to that, though: There are eligibility requirements that must first be satisfied.
We suspect that readers already knew that. For starters, a claimant must have been married for at least 10 years and not have remarried prior to filing a claim. He or she must also be at least 62 years old to make an ex-spouse claim. A few additional requirements also apply.
The benefit can be sizable and fundamentally important to many divorced parties. An experienced divorce attorney who routinely works with clients on wealth-related issues can provide further information.