Tag: divorce

Untangling Finances: A Guide to Splitting Joint Bank Accounts
September 9, 2025 Off

Untangling Finances: A Guide to Splitting Joint Bank Accounts

By The Admiral Staff

When a relationship ends, a joint bank account can become a burden. Experts recommend discussing next steps together, potentially using a mediator or CDFA for financial advice. Contacting your bank to limit transfers is an option, but laws vary by location. It’s advisable to open a new, separate account at a different bank and gradually move funds, ideally taking only half initially. Dividing shared bills and protecting your credit by monitoring accounts are also crucial steps to ensure a fair and financially sound separation.

Surviving Spouses & Debt: What You Need to Know
January 10, 2025 Off

Surviving Spouses & Debt: What You Need to Know

By The Admiral Staff

Whether you’re responsible for your separated husband’s debt depends on your state’s laws (community property vs. common law), whether you’re legally separated, and if your name is on any accounts. Generally, in most states, you are not responsible for debt solely in his name. However, you are responsible for any joint debt where your name appears, like a mortgage or credit card. It’s recommended to check your credit report and take steps to remove yourself from any shared financial

Divorced and Wondering About Social Security? Here’s What You Need to Know.
November 5, 2024 Off

Divorced and Wondering About Social Security? Here’s What You Need to Know.

By The Admiral Staff

A reader asks if they can collect half of their ex-wife’s Social Security benefits, and if their ex could claim half of theirs. The expert clarifies that Social Security benefits are not taken from one person’s check and given to another. Spouses or former spouses may qualify for benefits based on their ex’s earnings record, but only if certain requirements are met (marriage lasting 10 years, divorced for over two years, and not currently remarried). The maximum spousal benefit

Navigating Divorce & Social Security: Disability vs. Early Retirement
March 3, 2024 Off

Navigating Divorce & Social Security: Disability vs. Early Retirement

By The Admiral Staff

A reader going through a divorce and facing disability is wondering if they can claim Social Security benefits based on their soon-to-be ex-husband’s record. While claiming benefits based on an ex-spouse’s record requires them to be eligible for and receiving benefits, the author advises exploring Social Security Disability Insurance (SSDI) first. Due to the reader’s age (nearly 62) and inability to work, qualifying for SSDI may be easier and result in higher monthly payments

The Remarriage Rule & Social Security: A Second Chance at Benefits?
February 25, 2024 Off

The Remarriage Rule & Social Security: A Second Chance at Benefits?

By The Admiral Staff

A woman, “Missing Out,” is regretting remarrying before age 60, as it disqualifies her from receiving Social Security survivor benefits from her deceased ex-husband, with whom she shared a lucrative business venture for a decade. While technically legal and sometimes done for financial reasons (a “strategic divorce”), the author advises against divorcing her current husband solely for increased Social Security benefits. She suggests first contacting Social Security to estimate potential benefits and highlights the costs and complications of divorce, recommending