The longer you have remained married, the harder it can be to picture your life after divorce. Your biggest assets are likely all jointly owned with your spouse, and you may have given up your personal career to support the family.
Especially if you are close to retirement age, you may worry that you don’t have the resources of your own or the earning potential to retire and live comfortably in your golden years. When you have been a part-time employee or a stay-at-home parent during your marriage, a sense of financial dependence might be what keeps you married.
The good news for those in unhappy long-term marriages in Kentucky is that there are numerous ways for a dependent spouse to finance their retirement during a divorce.
Ask for your share of retirement savings or pensions
Even if you never worked during the marriage or never made a contribution to a retirement account yourself, you may have a partial interest in the balance of the account your spouse funded during your marriage. The courts can potentially order the division of the accounts or at least consider the amounts of savings accrued during the marriage when dividing your other property.
Make a claim for Social Security retirement benefits
Those who have worked part-time or who worked prior to marriage may have made contributions to the Social Security Administration through payroll taxes. They may qualify for Social Security retirement benefits later in life.
However, your higher-earning spouse is likely to receive more benefits. You may be able to make a claim against the benefits your ex accrued if they have earned more than you or if you did not work at all. Your claim will not diminish what they receive from Social Security for retirement.
Request spousal maintenance
Dependent spouses, especially those who contributed years of unpaid work to the family, may qualify for regular alimony or spousal maintenance payments after the divorce. Factors ranging from your health and earning potential to the length of the marriage will influence how much you receive and how long the benefits last.
Exploring all of your options for funding your retirement after a high-asset divorce can help you feel like you have the resources you need for comfort later in life.