What happens to our joint bank accounts?
Please note that these answers are not legal advice. If you’re in need of legal advice or a lawyer please visit our Expert Guide
When a couple divorces, joint bank accounts are typically addressed during the property division process. The way the accounts are handled depends on state laws and the specifics of the divorce agreement.
In community property states, joint bank accounts are generally considered marital property and are split 50/50 regardless of who deposited the money. In equitable distribution states, the funds are divided based on what the court deems fair, which may not always mean equal.
It's common for courts to freeze joint accounts during divorce proceedings to prevent one party from draining the funds. If you are concerned about access or the safety of the money, it's advisable to discuss options with your attorney, such as freezing the account or removing half of the funds and placing them in a separate account with full documentation.
To protect yourself, it's crucial to gather records of all joint account transactions and balances. You may also consider closing or converting joint accounts into separate ones during the divorce process to prevent misuse. However, this should only be done after consulting legal advice, as improper handling of joint funds can have legal consequences during divorce proceedings.
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