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Should you close a bank account during a divorce? 

On Behalf of | Nov 24, 2023 | Divorce & High Asset Divorce |

After many discussions, you and your spouse have decided that you’re going to get divorced. It’s time to begin dividing your lives. Since you have a shared bank account, you’re considering closing that account and starting one under your own name.

In many ways, this is a wise and necessary step. For instance, many couples will separate while they get a divorce, and they will both set up their own bank accounts so that they can have their paychecks deposited. Divorce can take months and couples have to work, pay the bills and take care of other financial obligations.

You may need to close the account with your partner

One thing to remember, though, is that you don’t want to make it look like you’re trying to hide assets or take the money out of the bank account for yourself. The funds in that account are still marital property and likely need to be divided.

What this means is that you often can’t close a shared bank account on your own. You and your partner have to go to the financial institution together. There, you can both authorize the closure of the account and withdraw your funds or transfer them to other accounts. But this is something that you have to do together, in many cases, because financial institutions require it so that one person doesn’t take the entirety of the account and keep it from their spouse.

In other words, it’s just important to know how to take the proper steps and do things in the right order so you don’t run into any legal issues. Divorce can be complicated, but understanding what steps to take makes it much easier. 

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