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Finances can play role in New York residents' divorce decisions

The decision to go through with a divorce can be one that does not come easily to many individuals. A New York divorce can lead to a considerable upheaval and cause concerns about various aspects of life, including finances. Luckily, there is information available that may help individuals who are concerned about their future finances and whether to go through with the dissolution of a marriage.

The desire to end a marriage can come at any time in a person's life, and older individuals are just as susceptible to feeling the need to divorce as younger people. However, older parties may also worry more about their financial future as they near retirement age. Luckily, divorced individuals may still be able to utilize their ex-spouse's financial information when it comes to drawing Social Security.

If parties have been married for 10 years and are over the age of 62, they may be able to draw Social Security by using an ex-spouse's information. However, a person may only file in that manner if he or she is single. An individual who has remarried may not use the work information of a former spouse, unless that individual has divorced again.

Financial concerns are understandable, and when an individual is reaching an age where income may be an issue, understanding how divorce can affect his or her situation is important. However, New York residents should not feel as if they must stay in an unhappy marriage due to financial obligations or insecurities. Information regarding finances and divorce could prove beneficial to concerned parties.

Source: abcactionnews.com, "Social Security and divorce", May 6, 2015

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