Navigating divorce and Social Security benefits in Ohio can feel very overwhelming, especially if you don’t know what to expect. Understanding how these types of benefits are divided in a divorce and what your rights are will be essential for getting a favorable outcome.
Are you wondering what will happen to your retirement accounts in a divorce in Ohio? If so, check out this article, where we will be discussing Social Security after divorce and how different accounts and benefits are divided.
Dividing Pension and Retirement Accounts in an Ohio Divorce
Dividing a pension in a divorce in Ohio comes with many challenges, as there is no one-size-fits-all solution for every situation. Especially nowadays, where it is common for both spouses to hold full-time jobs, both of you may have your own retirement and pension accounts.
When it comes to pension and retirement accounts, an Ohio judge will ultimately determine how to equitably divide these accounts between both spouses. To do this, they will examine your retirement benefits, including IRAs, pensions, and 401(k) plans. In some cases where the couple cannot come to an agreement on the value of the marital assets, they may consult an outside expert, such as a pension evaluator, accountant, or real estate appraiser.
Something to keep in mind is that pre-marriage contributions will not usually be considered as marital property, protecting them from the division process.
Also, if both spouses have their own retirement accounts, they can simply choose to each keep their own accounts instead of having them divided. If there are differences in value, other adjustments can be made to make up for this, such as dividing other types of assets or a lump sum of money.
Dividing Shared Retirement Accounts
Things can get a bit trickier when it comes to shared retirement or pension plans. In this type of situation, you and your ex-spouse would need to complete a Qualified Domestic Relations Order, otherwise known as a QDRO. This is a form that has a set of instructions outlining how both parties are dividing their benefits.
A QDRO will include terms and conditions, such as when payments will be paid, how much each spouse receives, the method of payment, etc. When both parties have completed the form, it must be submitted to a plan administrator, who will ensure the terms are fulfilled.
How Divorce Impacts Social Security Benefits
Divorce and Social Security benefits in Ohio can be a bit complicated since Social Security benefits are different from other types of benefits and accounts. Social Security benefits are not divided in divorce proceedings as outlined by federal law. That being said, there may be some exceptions depending on the details of the marriage.
For example, if you have been married for at least a decade, without remarrying, you may be entitled to half of your ex-spouse’s Social Security benefits if you are of retirement age. Also, although Social Security benefits cannot be divided like retirement accounts, an Ohio judge may make up for discrepancies by awarding one ex-spouse more marital assets to create a more equitable division.
You should consult with a divorce attorney in Ohio to better understand whether or not your ex-spouse is entitled to your Social Security benefits. Because this is dependent on the situation, they can help you understand what your rights are and what your ex-spouse may be entitled to.
Impact of Divorce on Survivor Benefits
Even if you and your ex-spouse are divorced, you may still be entitled to survivor benefits. If your ex-spouse is a worker and they pass away, you may be classified as a widow or widower if the marriage lasted for 10 years or more. The benefit amount you will be entitled to will be dependent on the earnings of your ex-spouse and how much they paid into Social Security.
Additionally, remarrying doesn’t automatically mean that you won’t still qualify for survivor benefits. You may still be entitled to these benefits as long as you remarry after the age of 60, or after the age of 50 if you are disabled.
If your ex-spouse has passed away and you believe you are entitled to survivor benefits, you should seek the assistance of an Ohio attorney.
FAQ Section
Can my ex-spouse take my entire pension?
No, although pension funds are usually counted as marital property, this does not mean you will lose your entire pension. It simply means that your pension will be divided between you and your ex-spouse so that it is a fair split. Any pension funds accrued before the marriage will be considered separate property, which will protect them from being divided.
Will my Social Security benefits decrease after divorce?
No, getting a divorce will not negatively impact your right to receive your Social Security benefits. Although, depending on the circumstances, your ex-spouse may be entitled to a portion of these benefits.
Can I collect benefits on my ex’s record if I remarry?
If you remarry, you automatically lose your right to collect benefits on your ex-spouse’s record. However, if your ex-spouse is the one who remarries, this will not negatively impact your ability to receive spousal benefits.
What is a QDRO and why is it necessary?
A QDRO is a Qualified Domestic Relations Order, which is a legal document that outlines the division of retirement plans during a divorce. It is necessary when one party is in a qualified plan as it is meant to protect both parties, ensuring that the retirement plan is divided fairly. It also creates an additional layer of security by instating a plan administrator, who will oversee the terms and conditions of the QDRO.
Hire a Divorce Attorney in Ohio
Divorce and Social Security benefits in Ohio can be tricky to navigate, but it is essential that you understand how this works so that your financial future is protected. Richard P. Arthur, Attorney at Law, has extensive experience handling divorce cases in Ohio and can help you better protect your Social Security and pension benefits. To proceed with your divorce case, contact us today at 937-254-3738 for a free consultation.