When a person nears retirement, his/her focus is on accumulating sufficient cash to sustain themselves in their later years. However, some people in Florida could be juggling this significant job along with a later in life divorce proceeding. The juggling act is anything however simple, with the household law issues prompted by a divorce proceeding potentially having an extreme effect on lasting financial objectives.
When an older couple divorces, they typically have a lot even more to lose while doing so. This is since they are at the point of their lives when they likely have their greatest levels of earnings and are trying to aim for retirement. If the parties have actually been married for 10 years or even more, an individual might be eligible to accumulate a Social Security retirement benefit on his or her ex’s work record.
Social Security can be received at age 62. Nevertheless, this just applies if the ex-spouse is likewise this age and if 2 years have actually currently passed considering that the divorce was finalized. The individual should also be single in order to collect this Social Security benefit.
Understanding what will occur to one’s retirement income as an outcome of a separation case can assist in successfully preparing for the future while browsing this complicated family law procedure. Separation definitely can have a significant effect on someone’s long-term financial status. Nevertheless, being prepared will enhance the possibilities of taking pleasure in retirement in Florida and accepting the opportunity to live according to on e’s own wishes.
Source: seacoastonline.com, Social Security decisions after divorce, David T. Mayes, Nov. 17, 2013