| If you are in the unfortunate situation of | | | | all of the money from the account and |
| getting divorced, then you may be wondering | | | | liquidates it without your knowledge, you |
| how to sort out your joint bank accounts. | | | | could be left in serious financial trouble. |
| Whether the divorce is amicable or not, it is | | | | Although you should be able to get the money |
| important that you both agree on how to split | | | | back through the divorce settlement process, |
| the monetary funds in your joint accounts so | | | | this could take months and leave you short of |
| that you both get a fair deal. Here is some | | | | funds in the meantime. Whatever you do, make |
| advice on how to handle joint bank accounts | | | | sure that you don't just leave the situation |
| and the problem of divorce. | | | | to sort itself out. |
| | | | |
| Freezing accounts | | | | Credit cards |
| | | | |
| If you ware worried about funds in the | | | | If you hold joint credit cards, then it is |
| account being removed, then you can get a | | | | important that you cancel your card and |
| freeze placed on the account which requires | | | | inform the bank in writing that you want to |
| both parties to give permission before any | | | | be removed from the credit card account due |
| money is removed. Although this may be a good | | | | to impending divorce and that you will not be |
| temporary solution to avoid money being | | | | held responsible for any extra debts that are |
| removed, it will obviously harm both of you | | | | accumulated. Obviously, you will both still |
| if no money can be released. However, it is a | | | | be responsible for any current debts, but |
| good point to start from and ensures that the | | | | make sure that anything your ex partner |
| account remains untouched and there is | | | | spends is not your concern. This applies to |
| motivation on both sides to solve the | | | | other bills such as phone bills etc. |
| situation. | | | | |
| | | | Safety deposit boxes |
| 50/50 split | | | | |
| | | | Perhaps the hardest type of joint monetary |
| If the divorce is amicable and you feel that | | | | asset to control is a safe deposit box. If |
| you are both of an equal financial standing, | | | | one or both of you is self-employed then you |
| then the easiest way to sort out the problem | | | | might keep money in a safety deposit box. If |
| of joint accounts is for one person to open a | | | | you get divorced then there is no stopping |
| new account and deposit half of the money | | | | one of you from emptying the box and leaving |
| into that account. The other partner can then | | | | the other person with nothing. As soon as |
| change the joint account to a single account, | | | | divorce is a possibility you should try and |
| thus leaving each of you with half the money | | | | get the box frozen so that neither you nor |
| in the account. This is the quickest and | | | | your partner can access it on their own. If |
| easiest way to sort out any problems, but is | | | | your bank won't comply then take photos of |
| not always possible if you are of different | | | | the contents and get someone to sign it to |
| financial standings and an agreement cannot | | | | confirm the contents in case they are |
| be reached. | | | | removed. If you can remain civil with each |
| | | | other and take the necessary precautions, |
| Don't leave the situation | | | | then you can both end up with the right |
| | | | amount of money from your joint accounts |
| Although you might think the situation will | | | | should divorce occur. |
| sort itself out, if your ex partner removes | | | | |