New Jersey Divorce Lawyers: Entitlement to Retirement Assets Other Than a 401K, Pension, or IRA
Typically upon a divorce, marriages of a substantial duration deal with commonplace issues of spousal support and equitable distribution. Very often, equitable distribution will touch upon the parties’ retirement assets including their 401Ks, pensions, and IRAs. The retirement asset that may be overlooked is Social Security.
The Social Security Administration provides the following guidelines that must be met in order for the former spouse to receive a portion of such benefits. If you are divorced, but your marriage lasted 10 years or longer, you can receive benefits related to your ex-spouse’s record (even if he or she has remarried) if:
- You are unmarried;
- You are age 62 or older;
- Your ex-spouse is entitled to Social Security retirement or disability benefits; and
- The benefits you are entitled to receive based on your own work is less than the benefit you would receive based on your ex-spouse’s work.
For more information the following link is provided: https://www.ssa.gov/planners/retire/divspouse.html
As you can see, the duration of a marriage impacts whether a divorced spouse is entitled to a portion of their former spouse’s Social Security benefit. For more information regarding equitable distribution, contact the Law Office of Lyons & Associates. The attorneys of Lyons & Associates represent men and women throughout New Jersey who have unresolved family law matters. We place a premium on personalized service and attention. For a private consultation, contact us by email, view our website at www.lyonspc.com, or call our office at 908-575-9777.
Written by: Marissa DelMauro, Esq.