Money is one of the most common reasons Virginia couples choose to end their marriages. Disagreements over money do not stop simply because the marriage is over, and these disputes can continue well into the divorce proceedings. This is why it is important to handle checking accounts and all money appropriately during this process as all decisions will impact one’s financial health going forward.
Complexities of joint checking accounts
Joint checking accounts are common ways for couples to share money and mutually accomplish specific things, such as pay their household bills. Pooled finances, however, can be quite complex to address during a divorce. If both parties have access to the money, it can be difficult to determine whose money it is, even before the divorce is final. However, all money in a joint account is likely marital property. All marital property is to be equitably divided between the two parties.
During a divorce, one party may be tempted to empty the account or withdraw money that should be shared with the other spouse. To avoid this problem, it is wise to freeze joint accounts until a financial settlement is reached. This means no money can come in or out of the account.
A strong financial future
Money is a major issue in any divorce. Handling joint checking accounts is a sensitive and complex matter, and it is not something a Virginia spouse has to do alone. It may also be helpful to work with an experienced attorney when addressing property division concerns.