The Ohio State Bar Association states that Social Security benefits are considered marital assets, which means that they have to be equally divided as part of an equitable division of property. Social Security benefits are a type of deferred wages that are accumulated during a marriage and held for future distribution.Continue Reading
Private Social Security plans that an employer offers and those collected through public and individual plans provided by federal, governmental and state entities also have to be considered as retirement plans, notes the Ohio State Bar Association. Examples of specific plans include the Federal Employees Retirement System, Civil Service Retirement System, State Teachers Retirement System, 401(k) plans and defined benefits plans.
The Ohio State Bar Association notes that the value of private and individual plans is determined through statements of the funds invested. The value of any plans that offer a monthly benefit at retirement must be determined by the current dollar value of the future benefit. In order to determine the most current dollar value of a retirement plan, an individual likely needs the legal testimony and analysis of an expert.
The division of Social Security benefits occurs by individually separating each plan, notes the Ohio State Bar Association. Each spouse may be entitled to half of the marital portion of a plan if there is more than one type of plan.Learn more about Law
Someone who is divorced can receive Social Security benefits if the ex-spouse is over 62 and the marriage lasted longer than 10 years, according to the Social Security Administration. The ex-spouse can also receive benefits on the other spouse if the couple has been divorced for at least two years.Full Answer >
A divorce decree typically includes information regarding the division of the property, alimony and child support, notes Legal Match. It outlines child custody and visitation rights and discusses the financial obligations of each party, such as paying outstanding debt.Full Answer >
At a hearing requesting a default judgment of divorce, the petitioner typically must detail the efforts made to notify the other party about the divorce, submit paperwork about child custody, child or spousal support, or a division of marital property or debt, and sometimes submit certain local forms required by the court, explains FindLaw. After a waiting period and perhaps another hearing, the judge typically signs off on the default judgement of divorce.Full Answer >
For a person to protect her rights during a divorce, she needs to identify and demand an equitable share of marital assets and prepare arguments regarding child custody, according to the Rosen Law Firm. If a person acts violently toward a spouse, protecting rights during a divorce often means leaving the home to protect the spouse's immediate safety and taking any minor children out of the marital home.Full Answer >