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.
If you need assistance with understanding the impact of divorce on your Social Security and retirement plans, contact our office to schedule a consultation
This blog was drafted by Nick Weiss, founder of NP Weiss Law, who represents families, individuals, and businesses in northeast Ohio. For more information about Nick, you can visit his bio page
This article is meant to be utilized as a general guideline. Nothing in this blog is intended to create an attorney-client relationship or to provide legal advice on which you should rely without talking to your own retained attorney first. If you have questions about your particular legal situation, you should contact a legal professional
