Divorce Bank Account QuestionsDo you have divorce bank account questions? Wondering what will happen to financial accounts that were opened during your marriage? Worried that he will drain all of your shared accounts and leave you with no money to live on? Is your own personal account safe from being purged in the process of the divorce? Save yourself some grief by learning about some common issues with bank accounts and divorce.
Can he legally close joint accounts after I file for divorce? K's Question: If I move out and file for divorce, is it against the law for him to close out all joint credit cards and bank accounts? Brette's Answer: No, it is not illegal, but he will be required to make those funds available for the dissolution. Are finances automatically frozen when the divorce is filed? Becky's Question: If I file on line for divorce, will this freeze our finances? Brette's Answer: Bank accounts are only frozen at your request, or by court order. Will the bank account I had before we got married be split? Kimberly's Question: My husband and I have been married 3 years. Is he entitled to any money that has been deposited into a savings account that I have had since before we were married? My husband is not named as a beneficiary on my savings account and has not contributed to it at all. Brette's Answer: The money that was in the account before marriage is your separate property. Anything you added to it during marriage is marital property and will be considered in creating a property settlement. This doesn't mean he will get it, but it does mean it is considered to be part of the pot that must be divided. Property settlements look at the big picture and include all assets and debts. Do I have to tell his lawyer about my personal bank account? Donna's Question: My husband and I are contemplating separation or possibly divorce. I opened a bank account without his knowledge, and have been putting some money in it each week so I have funds in case I have to be on my own. If it comes to us divorcing, can his lawyer research and find out about it? Brette's Answer: You are going to have to disclose the bank account in your financial affidavit. Everyone in a divorce must provide complete financial disclosure to the other party and to the court. Failure to reveal the information could get you into serious trouble. That doesn't mean you won't be able to keep the money however, and it certainly doesn't mean you can't use that money right now to pay your bills. Should we split the savings and checking accounts? Tina's Question: We are separated and we are going to use a paralegal. I wanted to find out if we should split our savings acct, checking acct and 401k. I am a housewife and he is the breadwinner. We have one child together. He doesn't want me to touch any account. Brette's Answer: I strongly suggest that you go and talk to an attorney to find out what your rights are and what you would be entitled to in court. You don't need to hire the attorney to represent you, but one session in which you educate yourself about the law and how your case would be decided by a court would be very eye-opening for you. You're going to short-change yourself unless you get some legal advice. Can I make him repay the money he took from my account? Tami's Question: Before leaving, my husband he took all the money from my checking account by writing checks and forging my name, which caused a lot of checks to bounce. The checking account was in my name only, and now I have bad credit and have to repay this money. Can I somehow get him to pay this in the divorce settlement? Brette's Answer: Yes. That money is marital property and must be accounted for in the divorce settlement. Put together a good accounting of what he took and how much it cost you in fees. Also detail some information about how it has affected your credit rating. Get an attorney. » Return to top Can I withdraw money from his account to help support the kids? Angie's Question: I have been separated from my husband for 6 months, and he hasn't paid any child support for our children. Since we are still legally married, do I have the right to access his account to help with the support of our children? The account is only in his name. Brette's Answer: No. The bank will not allow you to access it, but the court can divide those funds in the divorce if they are marital property. You should go to family court and seek child and spousal support. Can I take a check and withdraw half the money from his account? Kathy's Question: Can I forge a check from my husbands account to get 1/2 of the balance in the account before it all disappears from the account? Brette's Answer: No, of course not. Check forging is illegal. What am I entitled to if he was a co-signer on his father's accounts? Andrea's Question: My husband of 20 years has decided to divorce me. Three years ago, he had his name put on his aging father's accounts. There are money market accounts, cd's, saving accounts, and checking accounts, all of which he is a co-account holder. When he told me he was going to divorce me, he took his name off of all his shared accounts with his father. What if any legal rights do I have to those accounts. Brette's Answer: It will depend on what the intent was. If he was put on the accounts for convenience, so he could do banking for his father, and not as an owner, then you may have no right to it. You need to get an attorney who can help you with this. Is he entitled to any of the money that I'm managing for my mother? Jen's Question: I am currently in the settlement process of my divorce. I have a savings account with mine and my brothers name on it. The money in the account is my mothers. My brother and I had to put it in our names because our mother has mental health issues. My ex is trying to claim half of the money in the savings account. The money in that account has nothing to do with him or myself for that matter. Can he get away with that? Brette's Answer: That money would be considered a separate asset (a gift) or not an asset of yours at all since you are simply managing her funds. » Return to top of Divorce Bank Account
Related Articles: Brette Sember is a former family and matrimonial attorney and mediator, nationally recognized expert, and author of many books including The Divorce Organizer & Planner, No-Fight Divorce, and How To Parent With Your Ex. This column provides general information about the various aspects of divorce. It is not intended to take the place of legal counsel and should not be considered personal legal advice. For specific recommendations concerning your situation, please retain experienced legal counsel. WomansDivorce.com and Brette Sember disclaim any liability from any claim arising from any information contained in this column. This column is not a substitute for legal advice. Divorce Process / Children and Divorce/ Emotions and Divorce Home / Divorce Guide / State Resources / Divorce FAQS
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