Rarely does a divorce occur where money isn’t an issue. This is true with the wealthiest individuals as well as those who struggle to pay the bills.
When a couple divorces before their prime income earning age, the focus on finances is usually ensuring that the available income will allow for two functioning households until the higher incomes become available. Usually this means that one of the spouses is getting retrained to re-enter the workforce or there is potential of promotions and salary increases.
Older couples have different financial difficulties. There is little opportunity for increased income or for one of the spouses to re-enter the workforce. For this older couple, the challenge is to make the existing resources last through retirement.
If you are an older Vancouver, WA seeking a divorce you will need to understand your social security benefits and make certain they are part of your financial divorce planning.
Lambert Law can help you learn and apply the most effective strategiest to maximize Social Security benefits.
This planning will include considering the tax implications of when you decide to take Social Security.
Taking Social Security early means your monthly benefit will be lower than if you wait. The longer you wait—up to age 70—the higher the monthly benefit. If you get divorced you may need the benefits earlier, but you need to consider all possibilities.
If you were married for at least ten years and your former spouse qualified for social security benefits and you do not qualify on your own for a higher benefits, then you can apply for spousal Social Security benefits.
Get yourself a qualified family attorney from Vancouver, WA or a divorce lawyer and find out what all your options are.
Call us today at 360-737-1473 or click here to contact Lambert Law.
Crystal Lambert doesn’t want anyone entering into divorce unprepared so she has had these resources prepared for your benefit. Go here to read the Family Law Handbook and see an issue of the Divorce Magazine.