According to Rob Kron, head of advisor education initiatives for BlackRock,
Social Security is an important item to consider when you are getting
divorced or remarried.
Since 72 percent of unmarried retirees depend on Social Security as their
primary source of income it can be a serious consideration for those who
are considering divorce. Kron went on to say that "Even divorce attorneys
are often not aware of how the Social Security benefit works. People just
don't know what they don't know."
In fact, many people going through a divorce make significant financial
errors when they don't take social security into consideration. Leslie
Walker, the communications director for the Social Security Administration
in Richmond, says that "The closer you get to retirement age, the
more you need to know the rules." Since social security is taken
out of each paycheck it can amount to a significant amount of money that
can have, in turn, a significant effect on how you file for divorce.
Have questions about divorce? Contact Cleary & Hammond, LLP to consult with a
Los Angeles divorce lawyer.