Divorce and Joint Accounts

Sometimes, some things can never be mend, especially, in terms of married life. There are things that make the husband and wife uncomfortable with each other and incompatible driving each other nuts. Sometimes, the only way to go over the situation is divorce. But divorce comes with a lot of implications both to the family and matters outside it like joint bank accounts. So what should you do if are in a situation like this? Here are some useful advice to help you cope with the situation.

If you think that your divorce can still be settled or it is amicable, this is the most probable and easiest way to sort the mess out. If you are worried of having the money taken out by the other party, then freezing it will be a good help temporarily. But it is only a temporary solution for both of you would suffer without any money. This will motivate both of you to arrive at a certain solution for the situation.

If, on your perception, both of you, husband and wife stands on the same level of financial capacity, then this is the easiest solution, that is to split the account equally. One of the parties will open a new account and transfer half of the current accounts money to the new bank account. The left account will have to be changed into a single account. This is only feasible if both parties will agree on the situation. However, it will be hard to arrive at a certain decision if no amicable settlement, or agreement is attained, especially, if the other is earning higher or has greater financial prowess.

Whatever the situation turns out to be, never leave. If you just let things go on their own, chances are, your ex partner may withdraw all the amount and leave you in a financial trouble for the meantime. I said for the meantime because the Court may order the other in the divorce settlements, this may take months which means you’ll be broke for the meantime. Whatever happens, don’t leave.

For holders of joint credit card accounts, it is best to cancel the card and notify the bank through writing that you wanted to be removed from the joint account and that you are no longer responsible for the next debts that may be accumulated. Off course, you will need to pay previous balances but make sure that new spending by your partner will not be shouldered by your account.

Controlling a joint safety deposit box is a hard thing to do. On divorce, one of the partners may empty the box and leave the other with nothing. As soon as the divorce becomes a possibility, then you should make a move to frozen the box so that neither you or the other could access the box. Sometimes, banks don’t comply with this and you must take some pictures of what was the original contents of the box and have it signed by a witness in case the other takes it. All things can be settled by being civil with each other. If you can do this, then, there is no way the both of you can arrive at a decision as to how to equally divide the money.