Leaving a marriage often means making financial sacrifices, especially for spouses who didn't earn a lot of money prior to their divorce. The social security system has a safeguard in place to help divorced retirees avoid poverty. Ohio divorcees who meet the criteria may be able to increase the amount of their monthly social security entitlement when they retire.
In order to qualify, retirees must meet certain qualifications. First, they must have been married at least 10 years and not married at the time that they apply for benefits. It may be possible to receive these benefits even if the divorced spouse remarried as long as the latter marriage ended in divorce, annulment or death of the spouse prior to retirement. Before getting divorced, older people should contact the Social Security Administration to learn how much they might receive when they are ready to collect benefits.
Some ex-spouses may not receive an additional benefit even if they meet the requirements. Those who will get the largest increase in their social security checks will be those who earned significantly less than their ex-spouse. A person who earned more or an equivalent amount to their former spouse might not receive any more money. Retirees who delay their benefits until they are 72 years-old won't get the divorced spouse benefits if the delayed retirement benefit is higher.
Divorce could have a huge impact on a person's finances, so it's important to create a post-divorce budget and financial plan for the future. An experienced divorce attorney may be able to help a client assess their current and future financial situation, taking potential divorced spouse social security benefits into account. With careful planning, a divorced person could live comfortably before and during retirement.