If these are truly joint accounts either one of you can empty both accounts. Joint accounts are not owned 50/50, you both own the entire account, although a judge or settlement will likely divide 50/50 depending on all the factors. Is the STBX the only one contributing to the shared accounts?
It's also possible to remove yourself from a joint bank account without closing it. All account holders need to agree to any changes in the account's ownership. You may both need to be present at a bank to request these changes.
Funds should be equitably divided between the owners, based on contributions or an agreed-upon method, before withdrawal. Opening a new individual account may be necessary as banks usually don't allow splitting a joint account into two separate ones.
Either party may withdraw all the money from a joint account. The other party may sue in small claims court to get some money back. The amount awarded can vary, depending on issues such as whether joint bills were paid from the account or how much each party contributed to the account.
Ask your bank to change the way any joint account is set up so that both of you have to agree to any money being withdrawn, or to freeze it. Be aware that if you freeze the account, both of you have to agree to 'unfreeze' it.
The key term here is “leading up to.” Emptying an account years before a divorce is not a punishable offense, but doing so within a reasonable timeframe of a divorce can lead to consequences for the spouse making the withdrawal.
If you decide to close the joint account, contact your financial institution to find out how, because each institution can have its own procedures to close an account. Some institutions could require both you and your ex to be at the branch in person, while others could allow you to close it alone or remotely.
A joint owner or co-owner means that both owners have the same access to the account. As an owner of the account, both co-owners can deposit, withdraw, or close the account. You most likely want to reserve this for someone with whom you already have a financial relationship, such as a family member.
Disadvantages of a joint bank account with separate finances
You will need to agree who tops up the joint account if you get unusually large bills or direct debits go up. And you need to decide who is going to pay for big items such as holidays or a new washing machine or car.
What should I do if my ex-partner takes money from our joint account or runs up debt on our joint credit card without my permission? If your ex-partner takes money from your joint account or runs up debt on your joint credit card without your permission, you may be able to sue them in court.
If you're married or in a civil partnership
You can ask for financial support from your ex-partner as soon as you separate. This is known as 'spousal maintenance' and is a regular payment to help you pay bills and other living costs. You can't get spousal maintenance if you weren't married or in a civil partnership.
How can I remove someone from a joint account? expandable section. You'll need to visit a branch if you'd like to remove someone from the account. Just make sure any overdraft debt is cleared before you do.
In terms of how to remove yourself from a joint bank account, some banks will allow one party to exit, often with the other person's consent. Other banks, however, may require the account to be closed in full, rather than remove a single account holder.
Each account owner can get a debit card, write checks and make purchases. Both account holders can also add funds or withdraw them from the account. The money in joint accounts belongs to both owners. Either person can withdraw or spend the money at will — even if they weren't the one to deposit the funds.
The first step in removing the name of a joint bank account holder is to obtain the form for account deletion from the bank or from the website. All other account holders, including those whose names are being deleted, must complete and sign the form.
Separate property generally cannot be touched in a divorce., but there may be times when separate property turns into marital property, making it available for distribution.
1. Look into legal aid clinics or low-cost divorce services in your area that could make the process more affordable. 2. Consider mediation instead of an adversarial divorce, which is generally less expensive than hiring divorce attorneys.
While it's generally advisable not to empty joint accounts, exceptions exist. If you face immediate threats to your safety or that of your children, quick access to funds may be necessary. In such cases, consult your attorney immediately to take appropriate legal steps.
Confirm that the account is at zero balance before closing it. Funds may have to be transferred into another account to avoid fees. A spouse may also remove themselves from a joint account without closing it. Both spouses, however, must agree to changes in its ownership.
Unfortunately, separate bank accounts are not protected from property division if the assets deposited were acquired during the marriage. Although the funds were not commingled, since they were deposited during the marriage, they will be deemed as marital property, which will be subject to equitable distribution.
It requires the parties to maintain the status quo concerning the family finances and children during the entire pendency of the divorce. That means you cannot empty your joint account unless your spouse consents or you get a court order first. If you are considering divorce, it's important to prepare financially.