What Happens to Our Joint Bank Accounts During a Divorce?
When you file for divorce, you know that your marital property is going to have to be split up equitably. Joint bank accounts are assets that you need to be especially careful about. You don’t want your ex draining the account, but you also don’t want to do anything that makes it look like you’re trying to take marital property or hide assets. This is why it is so important to consult with our Morristown property distribution attorneys.
What Can Be Done With Joint Bank Accounts in a Divorce?
There are a few ways to deal with joint bank accounts when a married couple splits up. You could:
- Close the account and split the money
- Each withdraw a portion of the assets in the account
- Continue to manage the account and use it until it runs out
Why Should My Spouse and I Consult Attorneys Before Doing Anything With Joint Bank Accounts?
There are many pitfalls to avoid when dealing with joint bank accounts during a divorce. An attorney can tell you what would be a smart move and what kinds of actions could land you in legal trouble.
A lawyer can tell you if you and your spouse should each withdraw half of the money in the account. They can also tell you if you should absolutely leave that money alone. If you and your spouse are on speaking terms and you have come to an agreement on what to do with the funds, it’s still a good idea to talk things over with a lawyer.
What Should I Do If I’m Worried My Spouse Will Take the Money?
Some of our clients get worried about joint assets because they worry that their spouse will take them before the divorce proceedings really get underway. If you and your spouse are not on speaking terms and you do not trust them to leave the account alone, call the bank. You should be able to freeze the account. The bank can then unfreeze the assets after a divorce agreement is finalized and it’s clear who should get what.
What Should I Do After the Joint Account is Closed?
Once your joint bank accounts have been closed, do a quick review. Do any of your bills come out of that account automatically? Make sure that you change your payment information to avoid issues with subscriptions, utilities, or any other expenses.
Then do what you want with your share of the joint funds. You could open your own account and put in any of the funds you received from the joint account. You could invest it. Once your divorce has been finalized, carefully weigh your options and make the most of that money.
Talk to a Divorce Attorney Today
Going through a divorce and managing everything that comes with the process can be difficult on your own. Contact Lazor Rantas, PC and learn more about how one of our experienced attorneys can help you advocate for your interests and fight for the best possible outcome.
