What happens to a joint account during a divorce?

| Dec 31, 2020 | Uncategorized |

When you start the divorce process in Mississippi, you’ll need to be prepared to divide most of your marital assets. This includes the money in the joint savings account that you own with your spouse. While dividing the account in half might seem like the easiest solution, the situation might be a little trickier than that.

What happens to a joint account when you get divorced?

If you and your former spouse have an amicable divorce, you might agree to split the funds and close the account. However, one spouse might try to get back at the other by clearing out the funds in the account. This might sound like a good way to get back at your spouse, but it can also damage your case and make you look bad during the trial. The judge might also order you to pay half the money back to your spouse.

If you’re afraid that your former spouse will run off with the money, you can call the bank and ask them to freeze the account. You could also talk to your attorney and see if you can withdraw half the funds before the divorce proceedings start. Don’t do anything to the account without talking to your attorney first; if you make a mistake, the judge might assume that you’re tampering with the assets.

In most cases, the judge will rule that each party gets half the savings in the account. Once the money has been cleared out, you and your former spouse will close the account. You can do this together or visit the bank and close the account separately. Make sure you open a new account so you can deposit your funds from the joint account.

How can you manage your assets during a divorce?

There’s more to a divorce than deciding who gets the car and the house. You’ll have to divide up assets that you might not have considered, like investments and credit card debts. An attorney could help you take stock of your assets so you can successfully negotiate with your former spouse.