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.Know More
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
As of 2014, the earliest a person may receive Social Security benefits is age 62, but she receives a reduction in her benefits if she starts at that age. The age someone receives her full benefits is the full retirement age, determined by the date on which she was born.Full Answer >
Generally, Social Security payments are paid out on the third of each month if the person applied for benefits before April 30, 1997. These payments also include Supplemental Security Income. If the application date was after April 30, 1997, the payments are received based on birthdate.Full Answer >
If your Social Security benefits are withheld or garnished, you should contact an attorney or a representative of the court that issued the legal order mandating such garnishment, states the Social Security Administration. Benefits may be withheld to enforce legal obligations pertaining to child support, alimony and other debts.Full Answer >
Social Security benefit checks can be garnished to collect alimony, advises the Social Security Administration. Although state laws vary in what constitutes a valid order for garnishment, the Administration is legally required to garnish monthly benefits if ordered to do so by the court.Full Answer >