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Divorce and Social Security

10/22/2021

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With the rise of divorce among older married couples -- so-called “gray divorce”-- some couples going through divorce mediation have questions about Social Security income and how it factors into their financial agreement.  Divorcing clients that are close to retirement age are wise to consider the options for this income stream as part of their financial futures.

At Westfield Mediation, LLC , we always explain to our clients that the rules regarding Social Security are complicated and often changing, so it is best to consult with the Social Security Administration and/or an elder law attorney before making any binding decisions.

Generally speaking, based on current rules, ex-spouses may elect to receive one-half of the amount of their ex-spouse’s Social Security instead of an amount based on their own work history, as long as the parties had been married for at least ten years.  The claiming ex-spouse must be at least 62 years old and not remarried. In addition, the benefit the claiming ex-spouse would receive based on his/her ex-spouse’s work history must be more than the amount that the claiming ex-spouse would receive from his/her own work history. The earliest ex-spouses could claim these benefits is age 62, and the latest is at age 70 years.  (Clients over a certain age may be entitled to receive their ex-spouse’s benefit at age 62 and their own benefit at age 70).  It is important to note that claims by ex-spouses do not reduce the amount of the earner’s own Social Security benefit.

To figure out when would be the best time to claim these benefits, divorced clients must consider their personal financial circumstances and health conditions. In divorce mediation, we discuss the options with our clients once they have had an opportunity to learn about the specific possibilities available to them by gathering information from outside resources. By addressing these important income issues in mediation, we reduce our clients’ stress and better prepare them for the days ahead.

For more information about financial agreements and divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M. Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC, at 908.913.0373.  View our website at www.westfieldnjmediation.com or email us at info@westfieldnjmediation.com

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KIDS CAN BE EXPENSIVE

10/8/2021

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Kids can be expensive.  When getting a divorce, often times parents assume that child support covers all of the costs associated with raising their children and once he/she writes that child support check each month his/her financial responsibility is complete.  But kids are really expensive and child support covers the bare minimum of these expenses.  In New Jersey there are three types of costs factored into the mandated child support guidelines formula- fixed costs that occur if your kids are with you or not with you (like housing), variable costs that occur when your kids are with you (like transportation and food) and controlled costs of which you have direct control (like clothing, personal care items and entertainment). 

So, you can’t ask your co-parent for extra child support money to go to the movies with the kids.  It is already included in child support.  Or to take them out to dinner. Also, already included in the child support calculation.  But what about all the other really expensive costs that come up for your children that child support does not cover- so there is no mandated formula to help you figure out payment- costs for their cell phone each month, travel soccer, weekly piano lessons or braces. 

Ideally you and your co-parent decide how to address all of the financial costs that come up constantly that are not covered by child support during the process of mediation, before you get divorced.  Once you separate your one joint bank account into two individual accounts how do you know who is paying how much for what for all of the non-child support expenses?  The divorce mediators at Westfield Mediation, LLC, help you make sure your children’s cell phone bill continues to get paid each month.  During the process of mediation, you will develop a strategy to pay for all of the expenses that are over and above the payment of child support. One of the benefits of divorce mediation is that you have the flexibility to work out a plan that is tailored to your needs. The divorce mediators can help you figure out what works best for your particular financial situation.  Because, as we all know, kids can be expensive.

For more information on child support or divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M.Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC at 908.913.0373.  View our website at www.westfieldnjmediation.com or email us at info@westfieldnjmediation.com. 
 
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    Authors

    Michelle Weinberg, M.Ed.,LMFT, is a Licensed Marriage and Family Therapist with many years of experience working with couples.

    Randi M. Albert, JD, is an attorney with experience in family law and public service.

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