Many married couples have shared bank accounts. Prior to a divorce, or even during the divorce itself, it is technically possible for either of them to make withdrawals from these accounts. They are authorized to do so, and just the fact that their marriage is ending does not prohibit this.
However, any massive changes in spending or major financial transactions can be a red flag.
For example, if your spouse files for divorce and then you find out that they drained the bank account before doing so, you may believe that they are just trying to hide assets and keep them out of property division. But you can still present the financial records to the court, demonstrating that the funds in that account were a marital asset, so that the appropriate percentage can be allotted to you during the divorce proceedings.
Closing shared accounts
Often, the best way for couples to address shared bank accounts is simply to close them down and open personal accounts when they decide to get divorced.
Ideally, the couple can just divide the funds at this point. If they had a bank account with $20,000, they each take $10,000 and open their own accounts. This keeps things simple.
But the complexity arises when the divorce is not amicable, there is a high level of conflict or it seems like one spouse is trying to be financially dishonest. This can lead to allegations of hidden assets or the dissipation of marital assets, and it is crucial for people who are going through a divorce to know exactly what legal steps to take when these types of complications arise.
