One of the special concerns for seniors when ending a marriage is how the divorce will affect their retirement. When coming up with a strategy for protecting one’s goals in a gray divorce, it is important to understand what impacts a divorce would have on the income streams one might rely on during retirement.
One common such stream is Social Security. An important thing for people to know is that, after a divorce, a person might be eligible for extra Social Security payments beyond what he or she could receive under his or her own work record.
Specifically, divorced individuals can still have access to spousal benefits under certain circumstances. This can only happen if the person’s ex has a higher benefit eligibility level than him or her. Also, certain other requirements have to be met. These include:
- That the marriage must have lasted for at least ten years
- The person seeking spousal benefits must be unmarried and at least age 62
Now, like many issues related to divorce and retirement, continued eligibility for spousal benefits is very complex and can be affected by many things. Having the right information on his front can be critical when making decisions regarding financial matters in a gray divorce. Making incorrect assumptions could lead to a divorce approach ill-suited for one’s goals and best interests.
People going through a gray divorce can go to skilled family lawyers for advice and guidance aimed at ensuring that they have everything they need make well-informed decisions and protect what’s important to them during the divorce process.