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The division of assets and the loss of certain spousal benefits is a major aspect of divorce. For many, it is critical to ensure they will receive their share of marital property and continue to receive certain benefits. However, many spousal benefits terminate along with the marriage.
For assistance with obtaining or terminating benefits after a Fort Mitchell divorce, speaking to an experienced attorney may help. Contacting a divorce lawyer early in the process could help you understand your interests in certain benefits and secure your legal rights.
Ex-Spouse’s Right to Benefits
Following a divorce in Fort Mitchell, an ex-spouse may retain rights to certain benefits. For instance, if the divorce decree orders the division of retirement account assets, the court grants the former spouse their designated portion.
More commonly, ex-spouses may have a right to social security benefits. Couples who were married for 10 years or more may be able to collect benefits. However, if the individual has since remarried, they cannot collect unless that marriage ended in divorce, annulment, or death.
On the other hand, former spouses generally lose the right to health insurance, life insurance, and retirement benefits. In a divorce, if an ex-spouse is the beneficiary of insurance policies and retirement accounts, the assets will pass to your estate after death. Updating beneficiary designations following a divorce is critical to ensuring your assets pass per your wishes.
Obtaining Benefits After a Divorce
After a divorce, former spouses will want to take action to secure any benefits they are owed. This includes recording judgments on certain accounts, dividing assets, and applying for benefits without delay.
Those wanting to collect social security benefits based on their former spouse’s record will want to ensure they qualify. Individuals must be 62 or older and divorced from someone entitled to social security retirement or disability benefits. The former spouse does not need to be eligible, and collecting does not affect the former spouse or their new spouse’s benefit amount.
If the ex-spouse has died, individuals can still apply for and receive the widow(er) Social Security benefit. Ex-spouses can qualify for survivors’ benefits if they are 60 or older and were married for at least 10 years. Individuals can also qualify if they are caring for the child of the deceased person.
Spousal Maintenance
In some cases, the court may order one spouse to pay maintenance to a former spouse, commonly referred to as alimony. For individuals seeking guidance on obtaining benefits after a Fort Mitchell divorce, understanding maintenance payments is essential, as their goal is for each party to continue in the same financial state as they were during the marriage. The length of the marriage, age, earning capacity, and marital contributions are all factors in a maintenance decision.
Terminating Benefits After a Divorce
After a divorce, individuals should proactively review their retirement accounts, life insurance policies, and other benefits to ensure their beneficiary information is up to date. Terminating benefits after a Fort Mitchell divorce, such as removing a former spouse as the beneficiary of pensions, survivorship, or death benefits, is an essential step in this process.
To terminate these benefits, the individual will need to acquire beneficiary change forms and submit a copy of the divorce decree. An experienced attorney may audit your various policies and accounts to help ensure the correct beneficiary designation.
Obtaining or Terminating Benefits After a Fort Mitchell Divorce With a Divorce Attorney
When the court issues a divorce decree, it is crucial to understand your rights and take action to secure your benefits. A lawyer can assist in obtaining or terminating benefits after a Fort Mitchell divorce, explaining what you are owed and taking the necessary steps on your behalf. Conducting a thorough review of your and your ex-spouse’s benefits is essential to determining your entitlements.
If you need help navigating your divorce and securing your benefits after the court finalizes it, an attorney can provide the guidance you need. Contact us today to learn more and schedule a consultation.
