Breaking Up? Here’s What to Do About Joint Bank Accounts
A joint bank account can make life easier for a couple. You cover payments and expenses with the same account, simplifying budgeting and money management. But sometimes relationships come to an end. When that happens, a joint bank account suddenly is a burden. We have some tips to help you navigate how to split a joint bank account.
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Aside from your divorce attorney, the best resource to guide you through financially splitting up is your lender. They likely see plenty of separations involving joint bank accounts. If you’re concerned about your partner clearing out your account, attorney Lois Liberman, who is a partner with Blank Rome, said you can request limits on the account.
“If you have concerns about your spouse trying to take more than their appropriate share of a jointly held account, you can contact the bank and advise them that you do not authorize any transfers more than $X (i.e. $5,000) without written consent,” Liberman said. But she warns that this can sometimes backfire. “Unfortunately, sometimes with certain banks, this directive will cause them to shut down the normal transfers until they get joint instruction.”
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"Breaking Up? Here’s What to Do About Joint Bank Accounts," by Stephanie Faris was published in The Penny Hoarder on July 13, 2024.