Federal officials have reported that 96% of workers in the United States possess Social Security coverage. Unfortunately, many of those who have gone through divorce do not understand how this coverage works in their particular situations. Here is a rundown on the Social Security benefits available to those who have gone through a marital breakup in Texas.
First, those who got divorced after 10 years of marriage may still collect Social Security benefits based on their ex-spouses’ records. This is true even if their ex-spouses have already re-married. However, this is possible only if the individuals attempting to collect benefits are still unmarried, they are at least 62 years of age, their ex-spouses are eligible for retirement benefits, and their benefit amounts are less than the benefits they would receive based on their ex-spouses’ records.
These same individuals give up their rights to obtain Social Security based on their ex-spouses’ records if they opt to remarry. Still, if their new spouses end up passing away, they can still go back and collect benefits based on their first spouses’ records. In addition, if a person gets divorced multiple times and was married for 10 years or more each time, he or she may claim benefits based on the record of the ex-spouse who would provide him or her with the largest benefit amount.
Navigating divorce and its impact on retirement planning can no doubt be confusing and overwhelming. However, an attorney in Texas can provide a divorcing individual with the guidance he or she needs to make informed financial decisions during this type of family law proceeding. The attorney’s ultimate goal is to make sure that the client’s best interests are upheld long term.