Securing your Future: How Divorce can Affect Your Social Security and Retirement Plans

The end of a marriage has intricate implications on your life, especially when it comes to financial aspects like Social Security and retirement plans. When a court considers spousal support, one aspect that emerges is the potential division and distribution of retirement benefits. Retirement benefits can also be divided as a part of marital property when it is earned during the marriage. Dividing retirement benefits in divorce proceedings can spark concerns about “double-dipping,” where a marital asset is divided in property division and again in spousal support. “Double-dipping” can lead to a financial burden on one party.

 When retirement money is involved in spousal support during a divorce, the length of the marriage and the financial circumstances of each spouse can influence the court’s decision. A Family Law attorney can negotiate spousal support terms to protect against the potential overlap of retirement plans in property division and alimony. They can also assist with considering the long-term implications of divorce on retirement plans and allow a client to make informed decisions for a secure financial future.

By: Nicholas P. Weiss, Esq