When people first get married, they often are so in love that they don’t think about negative issues cropping up in their marriages. They may be young enough that retirement also is far from their minds. However, as years and even decades go by, a married couple can grow apart, and if they end up getting a divorce in Florida, Social Security may be a major area of concern.
It is worth noting that even after these people get divorced, they may be able to draw up to half of their former spouse’s total Social Security payments. This is true only if an ex’s payment is larger than one’s own. Surviving former spouse payments also are available.
These benefits specifically apply to those whose former spouses died. The surviving spouses may get payments based on the ex’s records in this situation. The amount could be anywhere up to the full amount of the ex-spouse’s payment.
Although marriage certainly can be a rewarding experience, it also can be a negative one if both parties cannot overcome their differences. Getting divorced can sometimes be a scary step, particularly for those who have been married for several years and are far removed from the single life. Debating about who will keep the house and the car as well as how retirement accounts will be split can cause stress and anger. Still, a judge in Florida can get involved if the two individuals cannot find common ground regarding these important matters. An understanding of the law can help individuals to seek their own best interests and effectively put themselves in the best financial position for the future following divorce.
Source: The Wall Street Journal, Social Security, marriage and divorce, Andy Landis, March 11, 2014