When contemplating divorce, there may be many factors about which New Jersey residents become unsure, especially regarding their futures. Because divorce can affect many areas of a person’s life, including finances, it may be important to understand what spousal benefits may still be available in the future. Single individuals approaching retirement age may be interested in how being divorced can affect social security.
If a person is looking to file for Social Security, they may wish determine how their marital status will factor into the situation. Divorce can be a topic that specifically needs to be addressed as individuals may still have options regarding certain funds. If an individual believes that their situation could be bettered by using an ex-spouse’s income information for Social Security purposes, it may be an option to consider.
Individuals who were married for 10 years and are single may be able to file for Social Security benefits based upon their ex-spouse’s income record. There are various factors that go into this type of situation, and it is important that individuals understand the circumstances. If a person has remarried and is currently married, he or she will not be able to seek Social Security using an ex-spouse’s financial information.
Many individuals may feel as if they must stay in a marriage for financial reasons, even later in life. However, there are options for individuals who have gone through divorce. If a New Jersey resident is considering divorce but is uncertain about the financial implications, information regarding spousal support, Social Security and other similar areas may be helpful.
Source: abcactionnews.com, “Social Security and divorce“, May 6, 2015