Divorce affects many aspects of life, especially finances. From dividing marital assets to determining spousal and child support, there are several monetary concerns to think about when a marriage ends. However, many couples fail to consider how Social Security benefits work for ex-spouses. This is an important issue to discuss with your attorney, so you can factor it into your long-term financial planning. Here’s an overview of how divorce impacts future benefits.

The Requirements for Collecting Spousal Benefits

Married couples are given the privilege to share Social Security benefits, even if one spouse has never been gainfully employed. This is still the case when a divorce occurs, but certain criteria must be met before a person can collect benefits based on their ex-spouse’s employment record.

To qualify, the Social Security Administration requires that your marriage lasted at least 10 years; you’re age 62 or older; your former spouse is entitled to receive Social Security retirement or disability benefits; and you’re not currently married.

Additionally, any Social Security benefits you’re entitled to for your own employment record must be lower than the amount you’re entitled to from your ex-spouse’s earnings.

When to Apply

An important detail to consider is when you should apply for spousal Social Security benefits. A divorced spouse is eligible to receive half of their former spouse’s full benefit amount.

Although, you will need to wait until your full retirement age to collect this much. For those born before 1960, full retirement age is between 66 and 67, while it’s 67 for anyone born in 1960 or later. If you file before this, you’ll receive a reduced amount.

Also, even if you and your ex-spouse are both eligible to apply, you must be divorced for at least two years prior to claiming benefits if they haven’t applied yet. Your attorney can help determine the best time to apply to maximize your benefits.

Other Considerations

Once you remarry, you no longer qualify for Social Security benefits under your ex-spouse’s work history. However, if you divorce or your new spouse passes away, you may become eligible again. You can also claim benefits and continue to work, but you’ll be subjected to a limit based on your earnings until you reach full retirement age.

If you have questions about your eligibility for receiving spousal Social Security benefits, reach out to the skilled attorneys at Sanders & Austin. For more than a century, this family-operated firm has been entrusted to provide residents across Mercer County, WV, with effective representation and sound advice on a variety of complex legal issues. Call (304) 425-8125 to schedule a consultation or visit their website for more information on how these attorneys will advocate on your behalf.