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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My boyfriend and I have lived together for 7 years now. Recently his health took a turn for the worst. He is still legally married and his wife says she has the right to come into our home and take whatever she wants upon his death. Is this at all possible or is she blowing smoke? He wants a divorce but hasn't been able to accomplish this because of his health.
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I have been separated from my wife for 17 years. I need to get a divorce is there any help i can get paying for this? I also need to know where to go to get documents started. thank you
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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.
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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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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?
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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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If I ask a court for a protective order, and they denied it, can i go to another court and try?
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how long does it take to get a annulment in az
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I was incarcerated in july of this year and was released just recently, during that time my wife and 2 children had moved to kansas I am most likely to file for divorce and will be seeking joint custody. I am planning on having the kids for their summer break and winter breaks.Since she is out of state what is the procedure for this to occur and what must I file,also will she have to come back to Arizona for the proceedings or can she remain in Kansas?
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I was married to an ex marine for 10 years when I was 18. He was murdered shortly before we were divorced. Its been over 20 years but I was wondering am I still qualified for survivor's benefits or his pension?
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