Divorce can be a time of anguish, regret, resentment, and even anger, but you might not have known that divorce can also affect your quality of life in retirement. This is especially true for those who divorce later in life, when the majority of you and your partner's assets were accumulated during marriage.
Without an experienced attorney to walk you through the process, you might not know that the division of assets is imperative to your retirement, or that you are entitled to up to 100% of your spouse's social security benefits. This article discusses two of the biggest ways a divorce attorney can help ensure you are prepared for retirement.
Division Of Property: The House
You need a qualified divorce attorney to ensure that your assets are divided fairly among you and your spouse. This is especially important concerning the home in which you both lived, as well as second or third homes that may have been used for investment or vacation purposes.
In retirement, home ownership represents potential streams of income. Whether from directly renting out the rooms in the home, or by initiating a reverse mortgage, owning property is one of most important components when it comes to enjoying your retirement. An experienced divorce attorney can make sure the division of assets is equitable and that you have what you need to provide for your own future in retirement.
Social Security Income
A divorce attorney can also help you ensure you get the social security benefits to which you are legally entitled. If you and your spouse were married for at least ten years, and you are over the age of 62, you can collect social security benefits on your ex partner's record.
This is important if your ex spouse was the primary, or sole, income earner. Many divorcees are anxious about their pending divorce, fearing that their time away from the workforce will limit their ability to collect income from social security. However, if you meet the age and marriage requirements, you may be eligible for up to 50% of your ex partners social security benefits. Additionally, the benefits you receive do not reduce the benefits your partner receives. If your ex spouse passes away, you may be able to collect 100% of the social security benefits as a widowed spouse.
These are just two of the many ways an experienced divorce attorney can help ensure your financial stability in retirement.