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Closing a Bank Account During Your Divorce

If you’re using a joint bank account with your spouse and one of you decides to ask for a divorce, you probably want to close that account. Some of this is just a logistical operation. You may be using that account to pay the mortgage or get your direct deposits from work. You want to split these things up as you divide your assets and your financial responsibilities.

That being said, there are a few things to consider as you close your bank account. You don’t want to make any mistakes that can complicate the divorce process.

You may both need to be there

First and foremost, contact your financial institution and find out if one person can close the account on their own. In many cases, joint accounts have to be closed by both individuals. Neither you nor your spouse can do it on your own.

After all, the contents of that account are a shared asset that you both acquired during your marriage. Throughout the property division process, you both have a right to those assets. If you simply close the account down without telling your spouse, they may claim that you were trying to hide assets or prevent them from being divided fairly. Even if you didn’t have any intention to do this, it’s better to close the account at the same time to avoid this type of allegation.

Working through financial concerns

The financial side of a divorce often gets very complicated. It can also be contentious, especially if one person feels the other is trying to take advantage of the situation or prevent those financial assets from being divided in court. As you work through this process, take the time to look into all of the legal options at your disposal.