Obtaining or Terminating Benefits After a Monmouth County Divorce
Many complicated issues can arise during the dissolution of a marriage. From child custody to spousal support, addressing these issues can be difficult under the best of circumstances. What happens with employment benefits during and after divorce may have significant long-term consequences for spouses and children alike. The same goes for Social Security benefits.
If you are concerned about the impact divorce will have on your pension, health insurance coverage, or social security benefits, it is time to speak with a skilled attorney. Ask them about obtaining or terminating benefits after a Monmouth County divorce.
Health Insurance Options Following Divorce
A common issue with obtaining or terminating benefits after divorce—especially among Monmouth County couples that share children—is the continuation of health insurance. It is common for one spouse to provide coverage for the rest of the family, thanks to policies they obtain through their job. The end of a marriage can quickly complicate these matters.
Most judgments of divorce and settlement agreements will include language involving continuing health insurance coverage, particularly for children. In some situations, the parties might agree to leave the children on one spouse’s policy while the other obtains their own coverage. Federal law allows a person to maintain the same insurance through their ex-spouse’s policy under the Consolidated Omnibus Budget Reconciliation Act, or COBRA. This coverage is helpful on short notice, but it is also expensive, has a time limitation, and is often a poor long-term solution. An attorney can help you weigh this option versus alternative ways of obtaining health coverage take into account the cost after divorce.
When it comes to children, the Court can issue an order or the parties can agree to require a parent to maintain the policy to cover the children, even the non-custodial parent.
Social Security Issues
Obtaining or terminating Social Security benefits after a Monmouth County divorce can also be a contentious issue. In general, the end of a marriage will not impact a person’s ability to qualify for Social Security based on their own earnings through employment. The same is not the case for someone who planned on qualifying under their now-former spouse’s history.
A former partner could still be entitled to some Social Security benefits using their former spouse’s earnings history if they meet certain criteria. They must be at least 62 and not remarried. An applicant is also required to have been married for at least 10 years. Finally, they will only qualify if they are likely to receive more based on the ex-spouse’s earnings history than their own.
Issues involving Social Security are complex, and they can quickly become frustrating. It is vital to have the support of an attorney, especially in cases where their ex-spouse has not yet applied for their own benefits.
How Retirement Plans are Divided
When a marriage is formally dissolved in Monmouth County, an individual may retain rights to a portion of their former spouse’s retirement benefits. The parties are generally required to split marital assets, which can include retirement benefits earned during the course of the marriage such as IRAs, 401(k)s, and pensions. A major and important issue in these cases is determining the value of these assets. Due to the difficulty of dividing these assets before retirement, a Court may order or the parties may agree for the administrators of a retirement plan to earmark a portion of the benefits for the spouse. Alternatively, a spouse may also get a credit added to the money they get from the division or sale of other marital assets to account for their share of the other spouse’s retirement assets.
Talk to a Lawyer in Monmouth County About Obtaining or Terminating Benefits After Divorce
Obtaining or terminating benefits after a Monmouth County divorce is a complex issue. The good news is that you do not have to answer these questions on your own. Call right away to discuss your options with an attorney from Moskowitz Law Group.
