Recently, six members of the House of Representatives, led by Representative Reid Ribble (R - WI), introduced the Save Our Social Security Act (also known as the S.O.S. Act). Key provisions of the Act, with my thoughts, are outlined below. Although the Act may not pass in the near future, it begins to set the template for changes which will be required to keep Social Security afloat.
Based on a case argued by Harry Siegel and Lindsay Stanton of SIEGELLAW, the Maryland Court of Appeals will now require trial judges to consider divorcing parties' social security benefits as a factor before determining monetary awards. This forever changes how all Maryland family law attorneys, mediators, and judges approach dividing assets upon divorce.
What Does This Mean for Those Getting Divorced In Maryland?
On July 19, 2016, the Maryland Court of Appeals issued a highly anticipated Opinion, requiring trial judges to consider divorcing parties' actual or anticipated social security benefits as a FL 8-205(b) factor before determining whether to grant a monetary award to adjust the equities and rights of the parties in their marital property.
If you're considering or are in the process of divorce, and you're just shy of your 10th wedding anniversary, you might want to wait a bit and use the time to brush up on all things Social Security before you make the break official.
In virtually every long-time marriage that results in a Howard County divorce, my client always asks me about the effect of divorce on social security benefits. So, what I am going to try to accomplish is to provide a quick primer on social security and divorce.