In our previous post, we began discussing the rules regarding Social Security benefits for divorced spouses. As we noted, divorced spouses can receive 50 percent of a former spouse's benefit if it greater than their own and 100 percent if the former partner is deceased.

To collect a former partner's benefit, one must have been married to them for at least 10 years prior to the divorce and must currently be unmarried or have married after 60 years of age. What this means for many divorced individuals already collecting Social Security is that they may be entitled to a larger monthly benefit.

There are other options if a spouse is under full retirement age, which allow them to receive a reduced benefit and later collect on their own benefit. Certain limitations do apply. If a former spouse has died, one may begin collecting a reduced benefit at age 60 and later switch to his or her own benefit at when full retirement age is reached. These options, of course, would have to make financial sense before one would want to take advantage of it.

Monthly income is critical when it comes to retirement, especially for those on a fixed income. Every dollar counts. Taking advantage of a former spouse's benefit can help divorced individuals make ends meet.

On a general note, financial planning is critical for those seeking divorce. Many changes can occur to one's financial resources, and it is important to ensure that the changes are manageable ones, not crippling ones.

Source: Wall Street Journal, "When a Divorce Pays Off," Ellen E. Shultz, January 14, 2012.