| If you are in the unfortunate situation of getting | | | | money from the account and liquidates it without |
| divorced, then you may be wondering how to | | | | your knowledge, you could be left in serious |
| sort out your joint bank accounts. Whether the | | | | financial trouble. Although you should be able to |
| divorce is amicable or not, it is important that you | | | | get the money back through the divorce |
| both agree on how to split the monetary funds in | | | | settlement process, this could take months and |
| your joint accounts so that you both get a fair | | | | leave you short of funds in the meantime. |
| deal. Here is some advice on how to handle joint | | | | Whatever you do, make sure that you don't just |
| bank accounts and the problem of divorce. | | | | leave the situation to sort itself out. |
| Freezing accounts | | | | Credit cards |
| If you ware worried about funds in the account | | | | If you hold joint credit cards, then it is important |
| being removed, then you can get a freeze placed | | | | that you cancel your card and inform the bank in |
| on the account which requires both parties to give | | | | writing that you want to be removed from the |
| permission before any money is removed. | | | | credit card account due to impending divorce and |
| Although this may be a good temporary solution | | | | that you will not be held responsible for any extra |
| to avoid money being removed, it will obviously | | | | debts that are accumulated. Obviously, you will |
| harm both of you if no money can be released. | | | | both still be responsible for any current debts, but |
| However, it is a good point to start from and | | | | make sure that anything your ex partner spends |
| ensures that the account remains untouched and | | | | is not your concern. This applies to other bills such |
| there is motivation on both sides to solve the | | | | as phone bills etc. |
| situation. | | | | Safety deposit boxes |
| 50/50 split | | | | Perhaps the hardest type of joint monetary asset |
| If the divorce is amicable and you feel that you | | | | to control is a safe deposit box. If one or both of |
| are both of an equal financial standing, then the | | | | you is self-employed then you might keep money |
| easiest way to sort out the problem of joint | | | | in a safety deposit box. If you get divorced then |
| accounts is for one person to open a new | | | | there is no stopping one of you from emptying |
| account and deposit half of the money into that | | | | the box and leaving the other person with nothing. |
| account. The other partner can then change the | | | | As soon as divorce is a possibility you should try |
| joint account to a single account, thus leaving | | | | and get the box frozen so that neither you nor |
| each of you with half the money in the account. | | | | your partner can access it on their own. If your |
| This is the quickest and easiest way to sort out | | | | bank won't comply then take photos of the |
| any problems, but is not always possible if you | | | | contents and get someone to sign it to confirm |
| are of different financial standings and an | | | | the contents in case they are removed. If you |
| agreement cannot be reached. | | | | can remain civil with each other and take the |
| Don't leave the situation | | | | necessary precautions, then you can both end up |
| Although you might think the situation will sort | | | | with the right amount of money from your joint |
| itself out, if your ex partner removes all of the | | | | accounts should divorce occur. |