Will I Need to Split Social Security Benefits with My Ex-Spouse?

 Posted on January 26, 2023 in Divorce and Finances

One of the most challenging aspects of divorce is the need to divide assets and debts that a couple has accumulated during a marriage. A divorcee’s long-term financial stability can feel threatened by this process, as a typical divorce leaves both partners with less in asset ownership and cash savings than they had before the divorce. Naturally, this can have implications for retirement.

Those interested in getting divorced can rest easy, however, knowing that certain things are not changed by divorce. One of these is Social Security benefits, a major piece of one’s overall financial picture. Understanding what your benefits are likely to be can help you plan for the future and engage in wise financial negotiations.

Can My Former Spouse Draw On My Benefits?

If you have made substantially more money than your spouse throughout your marriage, you may be wondering whether your spouse can get their own benefits based on yours - and, more importantly, whether that will reduce the amount of benefits available to you. Whether your spouse can benefit from your work history will depend on a number of factors, but the most important thing to know is that, no matter what your spouse does, your personal benefits will not change. You cannot do anything to deny your spouse benefitting from your Social Security contributions, but their actions will not impact your benefits in any way.

When Can I Draw On My Former Spouse’s Benefits?

Certain conditions must be met before you can benefit from your ex-spouse’s Social Security contributions. These include:

• Being at least 62 (and your former spouse must be at least 62 as well)
• Whether your personal benefits would be larger than your ex-spouse’s benefits
• Whether your marriage lasted at least 10 years
• Whether the Social Security Administration approves your application
• Whether and when you have gotten remarried

Keep in mind that even if you are approved for benefits based on your ex-spouse’s work history, you will not be entitled to the full amount of their benefits. You will only be entitled to half of your ex’s payment value, and drawing benefits early will reduce the overall value of the benefits.

Contact a Kane County, IL Asset Division Lawyer

You can get your questions about Social Security after divorce answered, along with any other questions you have, by scheduling a consultation with the experienced St. Charles, IL asset division attorneys with Goostree Law Group. Call us today at 630-584-4800.

Source:

https://www.ssa.gov/benefits/retirement/planner/applying7.html