What to Do with Joint Bank Accounts in Divorce

 Posted on November 25,2014 in DIvision of Property

The emotional struggles of a divorce are not the full extent of the difficulties that the process involves. Since a marriage is—in a very real way—a legal contract, terminating it comes with a series of tough legal challenges that can add more stress. A common area of frustration for divorcing couples is the issue of what to do with joint bank accounts. Depending on the nature of the divorce, this can get quite complicated.

Dealing with joint accounts—and property division in general—involves some very detailed aspects of divorce law. Given the fact that regulations vary from state to state, it is often helpful to sit down with an experienced family lawyer in order to understand what options are available and how the laws relate to your case.

Checking and Savings Accounts 

According to Forbes, it sometimes makes the most sense to withdraw a fair amount of funds from whatever joint accounts are open before the divorce proceedings. However, be sure to keep in mind that this can complicate matters between spouses who are considering divorce. Spouses should only do this when divorce is inevitable. Even then, it can help to speak with an attorney before making this decision.

Joint accounts are marital property, and there are several different approaches for dealing with these accounts during a divorce. One of the most common practices is to request the bank to freeze the account and restrict the flow of money without authorization from both spouses.

Depending on the specifics of the divorce and how civil both parties can be, a simple approach is to divide the total amount in the account before or during the divorce. Overall, it is best to address the situation before the finalization of the divorce.

If you are facing the end of a marriage and are interested in hiring an experienced DuPage County divorce attorney, contact Stock, Carlson & Asso. LLC.  We offer legal services in divorce, child custody disputes, child support, alimony, and property division. We understand how stressful these changing times can be for you, and we are here to help. Call us today at 630-665-2500 to schedule a consultation.