Social Security Benefits can Separate Property in Utah Divorce
When a Utah couple makes the decision to file for divorce, they have taken the first step to becoming individuals instead of part of a couple for the first time in a while. There are so many facets to consider. Matters of not only children but separate property holdings like the house, retirement benefits and general assets must be factored in.
One point that might be overlooked by most couples may be social security benefits. For example, if one part of the couple was the so-called “breadwinner,” then the other may receive up to 50 percent of what the ex-spouse is entitled. However, to be eligible, the couple must have been married for at least ten years before getting divorced.
There are certain stipulations in order to start the process — one of which is that one spouse must have reached full retirement age. Another is that he or she needs to be either receiving or be eligible for benefits and have worked for ten years with FICA or social security tax withholding. What does this all mean in the long run? It might mean more money for the spouse who brought in less money to the marital home each month. To get the most of this benefit, waiting to claim benefits until the age of 70 can yield 32 percent more each month.
This is not meant as a bargaining chip when filing for divorce and talking about separate property. This is something to consider when reaching retirement age in Utah. In fact, the ex-spouse may never know that his or her former partner is receiving a portion of those benefits.
Source: Fox Business, Tapping Your Ex for Social Security Benefits…and Making the Most of It, Gail Buckner, Jan. 6, 2014
Schedule a time to talk with us – we are here to help you. When you meet with your attorney, we will go over your entire case, your children, your money and everything else that’s important to you. Our goal is to remove the fear associated with divorce by protecting your money and maximizing your time with your kids, all within 3-6 months. We look forward to meeting with you!
While this website provides general information, it does not constitute divorce advice. The best way to get guidance on your specific divorce issue is to contact a lawyer. To schedule a divorce consultation with an attorney, please call or complete the intake form above.
The use of the Internet (or this form) for communication with the firm (or any individual member of the firm) does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.