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.

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QUESTIONS

  • My husband of 20 years met a woman on the internet, moved her from Florida to Arizona, and put her up in an apartment. During the 5 years I tried to save money to get a divorce, he cleaned out all our retirement savings. As he didn't pay taxes, the IRS came after him for the $150,000 he took and also reduced my social security. I really need a divorce from him, but I'm SMI bipolar and he's mean.  Help me please.
  • We have been married for 23 years. My husbands last surviving parent recently passed away leaving my husband some property and money. If I file for divorce is that inheritance considered community property?
  • do I lose my rights to my child if a grandparent is apointed permanent guardian?
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  • My wife wants a divorce. Mainly to get my name and responsibility off of her. Is there a quick way to do this?
  • Do you offer help or assistance to me regarding filing paperwork, etc. for me to obtain a divorce.
  • Hello, My husband and I divorced after 46 years of marriage Jan 16,2014. We remained in the same home until I was hospitalized and then moved in with my daughter. My husband got our vehicles in the divorce. He has since passed away Jan of 2015. I found that the vehicles were never transferred from "or" status his name or my name. I am legally entitled to the vehicle. His son was named as the sole heir in his trust.
  • My 72 year old dad is getting married to a 57 year old woman on disability. We found out she owes a sizeable debt to the government. Will my dad's social security payment be garnished to re-pay her debt or will his retirement/salary be garnished once they file income taxes as a married couple? Thanks,
  • CAN MY EX-WIFE GARNISH MY SOCIAL SECURITY DISABILITY PAYMENTS FOR SPOUSAL SUPPORT? SHE WORKS AND I AM UNABLE TO. OUR MARRIAGE LASTED 7 MONTHS
  • what type of rights do grandparents have if the grandkids have lived with their parents all their life and the grandparents have seen them all their life?

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