Don’t make mistakes with your bank account during divorce

 Posted on March 23, 2022 in Divorce

If you're getting divorced, you probably want to start a new bank account. If you're still working, for instance, you don't want all of your checks going into your joint bank account with your spouse. Divorce can take a few months, so it could be a substantial amount of money.

Opening a new account for these paychecks is wise, but make sure that you don't make any errors that may make it appear that you're trying to do something illegal. In some cases, people make mistakes that lead the court to believe they're trying to hide assets.

Closing down your joint bank account

For instance, you may think that it's a good idea to take the money out of your joint bank account and close it. Then you can start a personal bank account and so can your spouse. This keeps the money separate and there's no confusion.

If you have not split the money from your joint account with your spouse, though, it may appear that you're trying to steal those assets and hide them in your own account. Your spouse may also be frustrated by being cut off from money that they need to go through the divorce process. Remember that money in a joint bank account is owned by both of you. While you may want to close that account eventually, don't do it too soon and make yourself appear to be taking advantage of the situation.

The financial side of divorce

This is just one thing to keep in mind as you consider the financial side of the end of your marriage, so be sure you know exactly what legal steps to take.