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.