Baltimore & Towson Lawyer Discusses Divorce and Social Security Benefits
CNN Money recently featured an article about the effects on Social Security benefits when older citizens decide to divorce after a long marriage. Your Baltimore divorce attorney has seen a trend in couples turning to divorce in later life in order to seek the true happiness that they deserve. The impact of divorce on Social Security benefits becomes a significant issue as each spouse sorts out his or her new financial situation as a single person.
In some cases, a divorced spouse may be able to draw Social Security benefits from his or her spouse’s Social Security benefits, if the amount of benefits would be greater than those available based on his or her own earnings record. In order to draw from a former spouse’s benefits, you must be unmarried, at least 62 years of age, and married to your former spouse for at least ten years. Your ex-spouse also must be eligible to draw his or her own Social Security benefits, even if he/she has not already chosen to do so. Once you become eligible to draw your own retirement benefits from Social Security, the Social Security Administration will automatically default to your own benefits. However, if you would be able to draw a greater amount of benefits from your ex-spouse, then you will receive a combination of benefits that is equivalent to that greater amount.
Understanding your options with respect to Social Security is essential to obtaining a settlement or court judgment that provides adequate financial support to each spouse, particularly for divorcing spouses who already are retired or disabled. Your Baltimore divorce attorney advises that these options also may affect other divorce issues, such as whether alimony is ordered in a particular case, or a spouse’s ability to assume a certain amount of marital debt. By having a clear picture of each spouse’s income following the divorce, it will be easier to determine the financial needs of both parties.
Whether you are divorcing after a lengthy marriage or a brief one, a Baltimore divorce attorney can help you determine what financial support, if any, is available to you following your divorce. Contact the Law Offices of Amar S. Weisman LLC today for a comprehensive evaluation of your divorce case.
Call (410) 321-4994 For a Free Consultation
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.