Retirement and divorce may cause financial troubles that are hard to deal with. This is especially true when one spouse feels pressured to make a big decision that will change his or her life. From your perspective, it is different because your husband has forced you to retire at age 62. However, there are some unique factors to take into account if you are thinking about a divorce. If you want to know whether you can get part of his money after divorce including social security or anything else, it depends on various things.
Understanding Social Security benefits in divorce
If you retire at the age of 62, your Social Security benefits will be reduced and this reduction is forever. Since you were forced by your husband to retire early, you might have the feeling that you have not achieved the financial security you deserved. However, after divorce, you may still have the opportunity to claim Social Security depending on your husband’s work record but only when you meet certain requirements.
If your marriage has lasted for 10 years or more and the both of you are over age 62 then after divorce, the SSA can pay social security to you based on your husband’s earnings after divorce. Your husband will also receive part of the money. The payment can be as high as 50% of his full benefit amount which can be more than what you are receiving based on your own earnings. It is worth noting that this does not reduce his benefit in any way and he may not be aware that you are claiming some benefits from his earnings.
Dividing marital assets after divorce
It is essential to recognize that there is a distinction between marital and separate property when it comes to property division in general. The assets that are obtained during marriage fall under marital property while separate property consists of anything you possessed or acquired prior to your marriage or given as a gift or inheritance.
In case you or your partner acquired assets like savings, pension funds or real estate during marriage, these will have to be shared after the divorce based on the laws governing such division of properties in your state. For instance, community property states normally share possessions 50/50 but equitable distribution states do so based on what they consider as fair.
Additionally, you should consider seeking help from an experienced divorce lawyer or attorney if you are afraid about access to money after separation with your husband. They can help ascertain if you have a right for spousal support (also known as alimony) and how best to divide marital properties you both share.
What about his inheritance
Typically, his inheritance is a separate property, this implies that it cannot be divided during a divorce unless marital funds were involved. Therefore, if your husband inherited some cash but kept it in a separate account under his name alone, it remains his own. However, if he deposited the funds he inherited into a joint account and it has been used for shared expenses then you can consider it a marital property and you may possibly get some of it.
Rental property and joint income
For rental properties, you might get part of the funds after divorce if the money goes to you and your husband’s joint account. If the property was bought or maintained during the marriage with joint funds, then the rental income will be regarded as marital property. You can get help from an attorney on how these could be shared between you and your husband after divorce.
