Divorce Advice for Men | Fathers Rights Divorce | Child Custody

Question:

I have started collecting social security benefits shortly before we are about to begin divorce proceedings.

Is my wife entitled to half, or any portion, of my monthly social security benefits or would it be considered separate property ineligible for property division?

By Christian D. Barnard

Divorce lawyer, Cordell & Cordell

A client recently came to me for financial advice on divorce concerning his wife perhaps trying to shield assets through a Social Security Offset.

A Social Security Offset is a reduction in the value of pension benefits subject to equitable distribution in your divorce due to an adjustment based upon hypothetical or actual Social Security benefits.

Under federal law, Social Security benefits are not considered marital assets and therefore are not subject to distribution in divorce proceedings.

Some government employees do not pay into Social Security, but instead pay in to another form of government pension plan. 

In essence, the Social Security Offset allows your wife to substitute the money she is paying into a pension plan for what she would be paying into Social Security, and therefore, shield it from division in your divorce. 

Question:

My ex-wife and I are changing custody of our one minor child. She currently pays me child support and I will now be paying her in the future.

I have a adult son that is 22 and disabled. He does receive SSI benefits, but I still provide over half of his expenses. Can this be used to calculate my child support for my minor child?

In this week's edition of Money Made Easy, host Dan Danford answers this financial question from a viewer: How many months worth of emergency savings do I need? What about if I am approaching retirement and will have a very stable income of my pension and social security benefits?

Danford, MBA, CRSP of Family Investment Center, debunks the general rule of thumb for emergency funds and offers financial advice on how to prepare for retirement.

Listen to the podcast for all your personal financial help.

In this week's edition of Money Made Easy, host Dan Danford answers this question from a viewer: I’ve heard the longer you wait before taking your social security benefits, the bigger your checks are. So when should I retire and take my social security benefits? Why wouldn’t everyone just take it later?

Danford, MBA, CRSP of Family Investment Center, explains what the benefits are at which age, which is the best choice for you, and basic rules of taking your social security benefits.