Should You Close A Bank Account When Filing For Divorce?

If you are like most married couples, you and your spouse probably have a joint bank account. Maybe you set it up when you got married. Both of you have informed your employers about this account, so your direct deposits end up in the same place. Everything in the account is a shared asset.

However, if you decide to get divorced, you may decide that you want to close down that bank account. This is certainly wise, and it does make sense for many reasons. For instance, you do not want your future earnings being deposited into an account to which your ex has access. 

It may be best to shut down existing joint accounts and then to have both people start personal accounts on their own. This goes not just for bank accounts, but also for shared credit cards and things of this nature.

Carefully consider ownership of the funds

One thing to remember, however, is that the funds in that account are probably a marital asset. This means that they’re going to have to be divided between you and your ex.

As such, you do not want to shut down the bank account and take all the money for yourself. This could look like an attempt to hide assets or to steal those assets directly from your spouse. If anything, you and your spouse should close the account down together, split the money up at that point and deposit that money in your new personal accounts. Do not make it appear that you’re trying to commit fraud by taking 100% of the money for yourself.

This is just one of the important steps to take during a divorce. Be sure you understand all of your legal options at this time.