Divorce and Remarriage Article
Marital Status and your Finances
Seniors own the bulk of the state’s wealth in savings, home equity and other property. At this point in your life, you may have more at stake when you change your marital status. Or, you may be a widow living on Social Security income alone. If you choose to remarry, be aware of your decision’s potential impact on your finances.
If I get divorced, can I still get Social Security benefits on my husband’s work record?
Yes, if your ex-husband is receiving benefits or is deceased, so long as you were married to him for at least 10 years, and so long as you remain single. If your ex-husband is 62 years old or older and has not applied for benefits, you can still receive benefits on his record as long as you are at least 62 as well. You must, however, be divorced and single for at least two years before seeking such benefits. Your Social Security benefit amount will be the higher of (a) the benefit based on your work record, if any; or (b) one-half of the amount of your ex-husband’s benefit.
Will I continue to receive Social Security benefits as a widow (or widower) if I remarry?
Yes, if you are at least 60 years old when you remarry. (A widow or widower isn’t actually eligible for benefits until age 60 or, if disabled, until age 50.) Or you could apply to receive benefits based on your new spouse’s work record instead if those benefits would be higher. If you remarry before turning 60, however, you will be ineligible for widow’s benefits throughout your marriage.
For more information, visit Social Security on-line or by phone at (800) 772-1213.
Do I need to change my will in order to remove my ex-spouse as a beneficiary?
Unless your will states otherwise, your divorce automatically revokes any provisions naming your ex-spouse as a beneficiary or as an executor, trustee, conservator or guardian. (ARS §14-2804) You do have to change the beneficiary designations for your life insurance and individual retirement accounts after divorce.
Is it true that I will pay higher taxes if I remarry?
About 40% of married people do pay higher taxes than those who are single with the same tax circumstances. About 50% will pay less, and the rest about the same amount of taxes.
The possibility of a penalty for filing jointly increases above the 25% tax bracket, but overall, the “marriage penalty” tax is not as universal as once believed. You should have your specific tax circumstances analyzed by a tax professional in preparation for remarrying.Comments:
QUESTIONS
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Is there a time limit between filing a legal seperation and filing a divorce?
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If divorce papers state that house to be sold, but wife will not sell it, what can be done?
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I was married to my ex husband for 11 years while he was in the military. He later retired from the military. Am I entitled to half of his pension? It was not noted on our divorce decree.
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My husband is a drug addict who has been evading service as of 2014/2015. Just when I was almost done with proceedings, he moved to a different state. I didn't have the money to start over and have since become unemployed. I don't want to end up responsible for his bills once my bankruptcy is through. How can I get help? My area states they don't handle divorces so I don't know where to turn.
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I am a retired soldier my former spouse has remarried.. Do I have to continue former spouse payment?
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