What You Need to Know About Social Security After Divorce

Here’s some good news about divorce, for a change. If your marriage lasted at least ten years, you can claim Social Security benefits on the entire earnings history of your ex-spouse. These are known as “derivative benefits,” and they are equal to one-half of your ex-spouse’s benefits. It’s an either-or situation – you can choose to get your own benefits or the derivative benefits of your ex-spouse, whichever is greater. Collecting derivative benefits doesn’t reduce what your ex-spouse receives, or, if he’s remarried, what his current spouse receives. Now, here are answers to three of the tricky Social Security questions we are often asked by readers: 1. How many ex-wives can claim derivativ

What Does Divorce Mean for my 401(k)?

You have worked hard to build up your 401(k), you savvy financial lady, so that you are on the right path for a most excellent retirement. Now, divorce has reared its ugly head. What does this mean for your precious 401(k) account? Can your soon-to-be ex-husband take a chunk out of your 401(k) and your retirement dreams in the process? Or, perhaps you’ve stayed home to raise the children for the last ten years, relying on your husband’s 401(k) to bring about your future retirement bliss. What now? Does he get to keep all that money, leaving you to start at ground zero? The truth is that there really is not a standard precedent throughout the country when it comes to handling a 401(k) during

Maintaining your health insurance after divorce

Your health is the most important asset you have, and health insurance coverage is a close second. If your health insurance is through your spouse’s employer, once the divorce is final you will need to obtain health insurance for yourself. It is very important that there is no gap in coverage, so you must deal with the issue early in divorce negotiations. COBRA – It’s a Federal Law, Not a Snake While your spouse may be required by the court to keep the health insurance for the children, he or she will be unable to maintain the health insurance for you after the divorce. If your spouse works for a company that employs 20 or more people, then you are eligible to apply for continued health insu

Six Places to Look for Hidden Assets During Divorce

When couples divorce, mistrust abounds. One of the first things people think of when their spouse asks them for divorce is, he must have been stashing away money. You know more about your financial situation than any stranger could, so before you hire a private eye to look for hidden funds, think carefully about your circumstances and how your spouse could have squirreled money away. 1. Was his paycheck automatically deposited to your joint bank account? If so, look through the check registers and credit card statements to see if you find any unusual outlays or cash withdrawals. Often, the cash he managed to set aside in the back of a closet or deposited into a relative’s bank account is ver

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