Divorce could affect the amount of your Social Security retirement benefits. In fact, this is a primary concern of many spouses who choose to go their separate ways in their later years.
The way your divorce will affect your Social Security retirement benefits will depend on the part of the country you live in. Different states have different types of laws that govern the financial aspects of a divorce. In some states, for example, a spouse will be able to receive 50 percent of his or her spouse’s retirement benefits as a result of finalizing the divorce process. In some cases, spouses may also be able to receive 50 percent of their spouse’s money saved in any kind of retirement plan.
It’s important to understand the law in the state with jurisdiction over your marriage and divorce process before you try to predict how much you’ll be able to receive.
Generally speaking, if you want to collect retirement benefits based on your ex-spouse’s Social Security, you will need to meet the following requirements:
- You are at least 62 years of age.
- You were married at least 10 years prior to divorce
- Your ex has the right to receive retirement benefits.
If you have questions about your Social Security benefits and how your Florida divorce will affect the amount of benefits you can receive, our team of skilled legal professionals is available to talk to you about the facts and circumstances that surround your divorce. Once we know your situation, we can then advise you of your legal rights and options.