Divorce in New Jersey could hurt the uninformed individual | Lane & Lane, LLC
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Divorce in New Jersey could hurt the uninformed individual

Ultimately, divorce is the only option for some couples, but few fully understand how the end of their marriage can affect certain aspects of their life. Hundreds of individuals in New Jersey are unaware of the potential impact of certain financial repercussions of divorce proceedings. For example, Social Security benefits can play into an individual's divorce planning, and can help a spouse achieve financial stability in the years to come.

When a couple gets divorced, a spouse is sometimes eligible to receive Social Security benefits based on the work history of their former spouse. In order to do so, the collecting spouse must be at least 62 years of age and must have been married to their former spouse for at least 10 years. In addition, the ex spouse must also be at least 62 years old, and must be eligible to claim his or her own benefits.

If an individual is eligible for their own benefits, they can receive the larger of the two amounts. However, one cannot claim both their benefits and half of their ex's. If a person gets remarried, and is married at the time that they wish to collect, it will not be possible to claim benefits from a former spouse. Individuals who have been married and divorced more than once can collect from the benefits of the higher-earning ex spouse, as long as both of the marriages lasted more than 10 years.

Many individuals residing in New Jersey are unaware that they are entitled to these and benefits. The best way to ensure that one receives all of the benefits that he or she is entitles to is to meet with a family law attorney to review their unique divorce scenario. Creating a legal strategy to ensure the best possible property division outcome is an essential part of divorce planning, and should be taken seriously.

Source: Huffington Post, How Divorce Can Affect Your Social Security, Jim T. Miller, Nov. 11, 2013

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