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Divorce affects Social Security benefit amount

Going through a marital dissolution can financially affect an individual whether he or she was married five years or 50 years. However, getting a divorce closer to one's golden years can especially be challenging in Minnesota. The good news is that Social Security benefits are available for divorced individuals to claim based on their ex-spouses' employment records, and their exes will not be impacted by the benefits they claim.

Here is how Social Security works for divorced parties. People who are divorced may receive 1/2 of their exes' full retirement benefit amounts at full retirement age. In addition, if their ex-spouses die before they do, they may claim the benefits that their ex-spouses would have obtained. Still, prior to receiving benefits based on their exes' work records, they have to fulfill a few requirements.

For starters, they would have to have stayed married to their exes for at least 10 years. Also, they have to be at least 62 years old. Furthermore, their ex-spouses must be able to receive Social Security, and the ex's' benefit totals must be larger than what they are personally eligible for.

Just as Social Security has a bearing on divorced individuals' financial futures, how they handle divorce issues like asset distribution also has an impact on their futures. For this reason, it is wise to consult an attorney early on in the divorce process to receive guidance on how to tackle these matters. The attorney will examine the client's unique situation and assist him or her in attaining the most personally favorable outcome in Minnesota.

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