While the younger generation today has a lesser divorce rate, the frequency of divorce in older couples is increasing. ‘Gray divorce’ is a term used for people seeking a divorce who are above 50.
Comparing the financial barriers and other stresses related to divorce makes it more difficult for older couples to start a new life and build assets. This indicates the impact of divorce on social security, whether positive or negative, can highly affect the life of couples who want to split in old age.
To understand the impact of divorce on your social security, get help from an experienced Wisconsin divorce lawyer. A lawyer will explain all the consequences of seeking a divorce and how your social security will be impacted through it.
What happens to your social security benefits during a divorce?
The social security benefit is the amount you regularly receive in retirement. The benefits are the outcome of your earnings that you invested in earlier years through your income and other savings.
If you and your partner decide to split up at a later time in life, there are chances that you will have to provide a share from your social security to your partner. To claim your ex’s social security, you must be married to your spouse for at least ten years.
Moreover, your ex-spouse can claim benefits from your social security after being divorced for at least two years. During your divorce, depending on your earnings, the judge can allow some percentile of your social security benefits t your spouse.
This is to ensure both parties have enough to sustain their life. Although you will be given a significant percentage of your social security, you may have to compromise on the remaining part.
Eligibility criteria for social security benefits
Your social security benefits are meant to support you for your retirement life. If you and your spouse are planning to file for a divorce, your spouse is eligible to make their claim on your past earnings after a significant time of 2 years post-divorce.
You will be compelled to provide your earnings to a spouse who does not work or is not financially independent. The tax on the benefits depends upon your income and tax filing status.
To know your rights regarding your social security benefits, get in touch with your lawyer so that you are well aware of all the possibilities during your divorce proceedings.
Related Posts
