The biggest issues Maryland individuals face when contemplating a divorce can likely be about money. The idea of going from a financially stable home to venturing off into the financially unknown can be a stressful thought for anyone. However, for senior citizens facing these unsettling thoughts, there may be good news. People who divorce may also be entitled to retirement benefits from their former spouse.
There are certain guidelines that must be met in order to receive a former spouse's retirement benefits. If all of the social security is still in tact -- meaning there has not been any amount taken out before the full retirement age -- people are entitled to up to 50 percent of their former spouse's benefits. If the spouse looking into applying for these benefits already has their own retirement, the amount that is given is only from which check is larger. There cannot be funds disbursed from the ex-spouse and the one applying.
If the spouse applying for these benefits wants to remarry, the benefits can no longer be collected. This can be subject to change, though, if the marriage ends. In addition, if the former spouse passes away, there is still a possibility of accumulating survivor benefits. This, in most cases, is up to 100 percent of the entire benefits. These can kick in as soon as the surviving spouse reaches 60 years of age, but only if they do not remarry before then, or if they get married and then divorced.
Although there can be issues surrounding a Maryland divorce, situations can often be resolved with some knowledge of the surrounding laws. Should there be any cause for concern, it could prove beneficial to have a backup plan regarding finances at the end of a divorce. Surviving financially after a divorce does not need to be overwhelming.
Source: Huffington Post, How Divorce Can Affect Your Social Security, Jim T. Miller, Nov. 11, 2013