A divorce impacts emotional and financial well being. Feelings of anger, loss and sadness are valid and should be addressed with the support of family, friends and, perhaps, professionals such as psychiatrists. It is preferable, however, not to allow these emotions to cloud your judgement when considering the economic impact of your divorce. If possible, it is preferable to keep a level head and use a practical approach when considering your finances.
Many women who had made the decision to be stay at home moms during the course of their marriage find themselves in the position of finding work after many years out of the job market following a divorce. Certainly, keeping any professional licenses earned updated and in place will help with a job search. Additionally, taking classes to improve and enhance your skills is beneficial. Reaching out to contacts you have made in the past can help.
Many divorce cases are settled prior to trial. A settlement can be reached through informal negotiations between spouses and there attorneys or via alternative dispute resolution like mediation or collaborative law. Reaching a settlement agreement can help alleviate the costs associated with divorce and allow a couple to determine the issues relating to their separation, such as property distribution and child custody, themselves rather than relying on the determination of the court.
Once a settlement agreement has been reached, the parties will attend an informal hearing in the state court where the divorce petition was filed. The judge will ask the parties some informal questions and whether each party understands and voluntarily signed the agreement. A settlement agreement will usually receive court approval if the judge is satisfied that it was fairly negotiated and does not blatantly favor one side over the other. (more…)
Generally, the last thing anyone wants to do following the completion of a divorce is seek advice from another attorney. Nevertheless, reevaluation in this regard following the termination of a marriage is imperative. Estate planning post divorce is necessarily different than it had been during the marriage.
Discussions with a wills and estate attorney who you trust is important during the divorce process. Many states have different laws regarding the distribution of assets for estate purposes which regulate how a spouse can inherit. In New York, a spouse can not be disinherited and retains his right to inherit from his partner’s estate until the marriage is fully and finally dissolved. Essentially, any changes in a will which limit your spouse’s rights during the divorce proceeding will not be effective. Since the laws in other states may vary, I recommend a discussion with a trusts and estates attorney whom you trust. Regardless of the applicable state laws, you might want to confer with a lawyer regarding your will during the divorce process in order to determine the steps you can take to protect yourself and your heirs from your spouse.
If a spouse dies intestate, or without a will, prior to the end of a marriage, or before the divorce proceeding has been finalized, the surviving partner is entitled to the entire estate if there are no children. Should children be involved, the surviving spouse will be entitled to the first $50,000 and half of the remainder of the estate after the deduction of expenses, debts and taxes paid by the estate. The children will be entitled to the remaining half of the estate. On the other hand, where a will is involved the surviving spouse is entitled to inherit the greater of $50,000 or 1/3 of the estate. (more…)
Regardless of age, planning for retirement is important. Generally women accrue fewer retirement benefits than their male counterparts due to less time in the workforce or lower wages. Taking time off work to raise a family or help an aging parent can affect the amount of benefits received. While you are married you are entitled to share in your spouse’s social security benefits upon retirement. After a divorce you can receive a percentage of these benefits as well.
If your marriage was at least ten years in duration and you do not remarry post divorce you can qualify for a percentage of your ex spouse’s social security benefits when you both reach 62. Receipt of benefits can occur even if your ex has remarried and/or has not retired and begun to receive payments from social security himself. Your right to a share of your ex’s social security payments terminates upon your remarriage. If your subsequent marriage ends you again become eligible to receive a portion of the benefits.
If you are entitled to benefits pursuant to your own work history, you will either receive 100% of your own allowed social security or 50% of your ex’s, whichever is greater. You will not receive both. Your own benefits must be at least one-half the amount of your ex’s at 65 in order for a valid claim for payment of social security pursuant to his work history to exist. Additionally, you must be divorced for at least two years to make the claim.
While your ex is alive you can receive 50% of his benefits. Should he die, you become entitled to 100% of his benefits. Collection of benefits can begin at age 60, or even 50 if you are disabled, in the event of your ex’s death.
If your spouse is remarried, both you and the second wife can receive social security benefits. Collecting pursuant to your ex’s social security benefits will not reduce the amount he or his new spouse will receive. In fact, he will never know when you receive a payment or the amount thereof. It is important to keep a record of your ex’s social security number in order to facilitate a claim. Should you have any questions, you can contact the social security office at (800) 772-1213.
