Last week we started a discussion about the steps you could take to maximize the chances that property division decisions will go smoothly in the courts. It is not uncommon that people sometimes think irrationally during the process of a divorce and make decisions they could regret later on, or overlook the obvious while blinded by emotion. Below are a few more things to take into consideration when negotiating and working on your finances during a divorce.
If you are nearing retirement age, you will want to look at the earnings of both yourself and your spouse with regards to Social Security benefits. If your spouse was the higher earner during the course of a marriage, you may be entitled to more benefits. In order to qualify, you must meet a few conditions. You must be at least 62 years of age or older, you must have been married for at least 10 years, you must not be currently married, and your own earnings must not allow you to receive a higher benefit. Even if your spouse has remarried, if you are still unmarried, you will qualify for the benefits.
It is also important to keep track of your own fees associated with the divorce. Divorce is not free, and in addition to filing fees, you will have to pay a legal team and advisers. Be mindful of what spending is being done on your behalf.
Having a legal professional team at your side during these times could prove to be very valuable. It is not uncommon for high asset divorces to lead to complicated issues while in the courts.
Source: Fidelity.com, "Protect your financial future after a divorce," accessed on July 25, 2017