If you and your partner are getting a divorce, you may be wondering what to do with your joint bank accounts. No matter how friendly the divorce is, you should both agree on how to split the money in your joint accounts so that you both get a fair deal. Here are some tips on how to deal with divorce and joint bank accounts.
Accounts are frozen
If you are worried that the money in the account will be taken out without your permission, you can put a "freeze" on the account. This means that the money can't be taken out until both parties agree to it. Even though this might be a good way to stop money from being taken away temporarily, it will hurt both of you if no money can be released. But it's a good place to start, and it makes sure that the account stays untouched and that both sides want to figure out what's going on.
50/50 split
If the divorce is friendly and you think you both have the same financial situation, the easiest way to handle joint accounts is for one person to open a new account and put half of the money in it. The other partner can then change the joint account to a single account, giving each of you half of the money in the account. This is the quickest and easiest way to solve a problem, but it doesn't always work if your financial situations are different and you can't come to an agreement.
Don't walk away from it.
You might think things will work out on their own, but if your ex-spouse takes all the money out of the account and sells it without you knowing, you could be in a lot of trouble financially. You should be able to get the money back through the divorce settlement process, but this could take months and leave you without money in the meantime. No matter what you do, don't just leave things to work themselves out.
Charge cards
If you and your spouse have joint credit cards, it's important to cancel your card and let the bank know in writing that you want to be taken off the account because you're getting a divorce and won't be responsible for any new debts. You will both still be responsible for any debts you have, but make sure you don't have to worry about what your ex spends. This also works for bills like phone bills and so on.
Lockers for valuables
A safe deposit box might be the most difficult type of joint money asset to manage. If either of you works for yourself, you might put money in a safety deposit box. If you get a divorce, neither of you can stop the other from taking everything out of the box and leaving you with nothing. If you are thinking about getting a divorce, you should try to get the box frozen so that neither you nor your partner can get to it on their own. If your bank won't let you, take pictures of what's inside and have someone sign them to prove what's inside in case the items are taken. If you can stay nice to each other and take the right steps, you can both get the right amount of money from your joint accounts if you end up getting divorced.
