Runyon & Runyon
  • "This little note is to say thanks for all you have done for me. You worked so hard to prove that we told the truth. However it turns out, I know you did your best."
  • "Thank you and the Runyon team for everything that you all have done for my son. I truly appreciate it."
  • "Thank you Mrs. Browning for all of your help, and if you could pass my thanks on to Ray. Your team helped more than you know. If you ever need to reach me for anything further ill be here.Thank you again."
  • " I can’t put into words how grateful I am for all you have done for me. Thank you for listening and understanding what I was going through...”
  • " Thank you for taking care of everything for me in a professional manner. The staff is awesome also!”
  • " I wanted to thank you for your support. You are the best attorney in Clarksville. I could not have done it without you”
  • " Should I need legal service again you will be my only one to call. Thank you so much”
  • " Ray took time out of his busy schedule to fit us in at a time of crisis on several occasions”
Read More
Contact Us For An Appointment
toll free 800-568-1534
local 931-305-0061

How your divorce could affect your retirement benefits

Timing can be an important factor in a divorce, particularly if the couple has been married just under 10 years. That’s because when a couple reaches the 10-year mark, Social Security’s spousal benefits kick in.

Social Security provides retirement and disability benefits based on a person’s earning history. The more a person has earned during his or her life, the bigger the benefit.

Spousal benefits allow an individual to collect retirement (or disability) based on a spouse’s earning history if it would result in a larger benefit than depending on his or her own earning history.

In fact, using the spousal benefit can have a major impact on the benefit amount, so much so that some couples are willing to put off their divorce for months or even years in order to qualify.

“Divorcing just shy of the 10 years can deny a person -- man or woman -- many thousands of dollars in divorced-spouse benefits,” the director of retirement and life planning at a financial education company said.

Here are the requirements that must be met in order for an individual to collect Social Security based on an ex-spouse’s earning history:

  • The marriage must have lasted 10 years or more;
  • The individual must be 62 or older;
  • The individual cannot be remarried;
  • The benefit using the ex-spouse’s earning history must be greater than the benefit based on the individual’s own earning history; and
  • The ex-spouse must be eligible for benefits. (If the ex-spouse is eligible for benefits but is not yet collecting them, the individual can still qualify for spousal benefits so long as the couple has been divorced for two years or more.)

If you are currently thinking about divorce or going through divorce and are just shy of your 10-year anniversary, talk to your divorce lawyer about whether putting a “hold” on your divorce would be a good idea in your situation.

And remember, the spousal benefit does not penalize the higher-earning ex-spouse in any way. Additionally, he or she can even be remarried.

Source: Market Watch, “How divorce, remarriage impact Social Security,” Robert Powell, Feb. 18, 2014

No Comments

Leave a comment
Comment Information

We Have Answers

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy