As many Texas residents may be aware, a divorced spouse may claim a percentage of an ex-spouse's Social Security retirement benefits. Such spousal benefits have specific guidelines, and knowing what they are is important.
Some Texas couples may deal with significant financial issues in case of divorce, but the settlement issued in the divorce of a Russian oligarch and his ex-wife involves billions of dollars. However, the matter is still in flux due to a Swiss court overturning the original amount set by a Geneva court. The ex-wife intends to appeal the decision to Switzerland's highest court.
Celebrity breakups often reveal insights into issues that arise during divorces of less-publicized couples. People in Texas approaching their 10th wedding anniversary, like Ben Affleck and Jennifer Garner, might want to think about how divorcing at that point in a marriage influences their future Social Security retirement benefits.
Texans involved in a divorce may find themselves more preoccupied with issues of complex asset division and property interests than with Social Security benefits. Still, it's important to be aware of one's right to claim benefits on an ex-spouse's Social Security earnings as there can be a significant advantage to claiming benefits on the record of a spouse who was the higher wage earner.
According to court documents, Los Angeles Angels baseball star Josh Hamilton recently filed a petition to divorce his wife in Tarrant County. The petition was filed in February. Prior to playing for the Angels, Hamilton had spent five seasons with the Texas Rangers.
An ex-spouse in Texas may still have access to some benefits after a divorce through Social Security, and a former partner could receive retirement benefits when meeting certain requirements. Generally, an ex-spouse may not collect benefits while married to someone else. However, one can qualify for benefits from a former partner's record even if the partner has remarried.
Divorce can be challenging as spouses deal with the emotional and financial details involved in dissolving the marriage. Because Texas is a community property state, marital assets are generally split equally between both parties. This can create challenges if either spouse has their own business, and failure to prepare for the possibility of divorce could expose the owner to possible difficulties as the asset is considered during the property division phase of the proceedings.
Texas law treats most property obtained by either spouse during the marriage to be community property, to be divided upon the termination of the union. Many Texas residents have 401(k) retirement accounts as a result of their career and work activity. If a married person with such an account gets a divorce, the amount that was contributed to the retirement account during the time of the marriage will be considered a marital asset and subject to the normal terms of property division.
Texas residents may know that Harold Hamm's divorce has yet to conclude. Married in 1988, the resolution of the divorce between the oil magnate and his estranged spouse may involve nearly $17 billion in assets, most of which is the interest in his company. As Oklahoma is an equitable distribution state, the court will decide property division on a variety of factors, two of which are the date of separation and property appreciation during the marriage.
Texans who are contemplating divorce may be interested in Terrence Howard's current situation. He divorced his second wife and was ordered to pay $325,000 in alimony. The problem is, according to the actor, his income is about $6,000 per month, making him unable to meet that obligation.