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Should you close a joint bank account during divorce?

On Behalf of | Apr 11, 2023 | Divorce |

One of the first things that many people want to do when they file for divorce is to close down a joint bank account. Most married couples have shared accounts. If you and your spouse are paid through direct deposit, all of your checks may end up in that account automatically. You certainly want to give your employer information for a sole bank account so that you keep the money you earn separately, and you probably also want to close that account at some point.

It can also be a good idea to close down a shared bank account if you’re worried that your spouse is going to try to take the assets that should be divided between the two of you. There have been cases where someone will file for divorce and then find out that their spouse cleaned out all of the bank accounts. This can create a lot of financial issues for them down the road, so it is best to end that shared access to your funds.

Taking the funds may be illegal

The thing to remember is that you need to take the money out of an account to close it, and a court could see moving those funds as a violation of your spouse’s rights. They might consider you did it to try and keep all those assets yourself without them going through the property division process.

The financial side of divorce is complex, and understanding when you can and should close a joint account is no exception. Take the time to look into your legal options.