Real Answers for Life’s Money Challenges
My husband and I got divorced after 21 years of marriage.
I thought I would be eligible for his Social Security.
I didnt know about the pre-60 remarriage penalty and remarried before age 60.
Is it illegal to get divorced to get my former husbands Social Security?
We were pretty penniless for 10 years building a business together.
After that, the business became very lucrative.
In the divorce, he got the business and the retirement accounts.
-Missing Out
Dear Missing Out,
Few people emerge from divorce court feeling like they got a fair deal.
Seeing your husband get the business you built together must have been an especially tough pill to swallow.
Its understandable that you dont want to leaveSocial Securitymoney on the table now.
At the same time, youve built a new life and a happy marriage.
People do get divorced purely for financial reasons.
This is often referred to as a strategic divorce.
Are you struggling to cope with financial stress?
First, take a deep breath.
Then, take a look at our roundup ofresources to help you manage your stress and your money.
The basic rules are as follows.
Youre allowed to claim Social Security on anex-spouses work record, provided the marriage lasted at least 10 years.
The maximum benefit is 50% of theirfull retirement agebenefit, but Social Security doesnt let you double dip.
You get the higher of your benefit or your exs benefit, but you wont get both.
Again, you get your benefit or his benefit, but not both.
Id suggest calling your local Social Security office.
Theres no need to go into details about why the marriage may end.
Keep in mind that divorce isnt free, even when youre both in complete harmony.
On top of court costs and attorney fees, you may have to jump through extra hoops.
You cant earn delayed retirement credits when you claim on someone elses record.
It sounds appealing right?
Check it out here!
Another option is to take benefits based on your current spouses record.
Therules for married spousesare similar to the ones for ex-spouses who are both still living.
The most you might get is 50% of their full retirement benefit.
Doing so would complicate the happy marriage youve worked hard to build.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
