As you move through the divorce process, you’ll come to find that both your assets and debts can be a sticking point.
If you have a joint checking account with your soon-to-be ex-spouse, it’s important to know the steps you can take to deal with the money in the appropriate manner.
Closing a joint checking account is easier said than done, especially in the event of a divorce. Here are some tips to keep in mind:
- First open a new account: Your name should be the only one on the new account, as this is the one you’ll be using from this point forward.
- Close your joint checking account together: While not always required, some banks will ask that both individuals be present in order to close a joint checking account. When you close the account together, you can split the money down the middle.
- Keep an eye out for deposits and debits: Once you know you’re going to divorce, you should watch your joint checking account closely. You don’t want the other person to drain the money, or for future deposits to be made into the account.
These are the types of steps you can take to properly deal with funds in a joint checking account during the divorce process.
Property division is not always easy, as both individuals are usually fighting to get their hands on as many assets as possible.
As long as you know what to expect along the way and how to deal with every asset, you shouldn’t run into any major concerns or setbacks.
Source: NerdWallet, “How to Divorce Your Joint Checking Account,” Margarette Burnette, accessed June 01, 2018