Divorce can be difficult enough without fighting over finances.
When negotiating a settlement agreement couples focus on the most pressing issues like alimony, dividing all the assets––investment accounts, real estate, cash, jewelry––and child custody and financial support. There is a lot to consider and it creates serious stress.
One thing people may overlook are the Social Security benefits based on the record of your soon to be ex-spouse.
Social Security’s web site states clearly:
“If you are divorced, but your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse’s record (even if they have remarried) if:
But there are lots of additional “but, ifs” on the Social Security site and collecting might be more complicated than you realize.
To make sure you are following the right Social Security strategy, given an upcoming divorce, you can turn to powerful new software called Analyze My Divorce Settlement.
Analyze My Divorce Settlement is software that provides an objective means to help you reach a fair divorce settlement taking into account all relevant financial factors, including all tax and Social Security issues.
Its goal is to help divorcing couples resolve their financial questions and differences objectively and limit costly settlement disputes.
The software lets you compare the living standard each spouse will have post-divorce through the rest of life.
It determines the discretionary spending that each spouse will be able to afford under a specific settlement proposal. Discretionary spending is the spending each spouse will be able to sustain after paying his or her fixed expenses like taxes, housing costs, alimony, child support, Medicare Part B premiums and others.
Differences in what each spouse will get to spend is not the only criterion for reaching a fair divorce. But it is a critical criterion. So are differences in how hard and long each spouse will work and the quality of each spouse’s housing arrangements.
Analyze My Divorce Settlement can’t say what’s fair. But it can provide neutral and definitive answers to critical financial questions, that divorcing couples might otherwise contest.
So, in addition to helping you make sure to get all the Social Security benefits you are entitled to after your divorce, this new tool can give you significant additional insights about the financial impact of the settlement agreement you are negotiating with your spouse.