What Jon & Kate Have Taught Divorcing Couples About Joint Accounts
In the wake of the absurdity and pandemonium that is Jon and Kate Gosselin, couples around the country are learning from America’s most dysfunctional, divorcing reality TV couple the do’s and don’ts of financial wrangling in the midst of a messy breakup. No matter how amicable a divorce may appear on the surface, they tend to bring out the worst in people and raiding joint bank accounts is unfortunately quite common in everyday divorces. Here’s what you should know to help protect your liquid assets during a divorce.
1. Know that while some states do not require joint accounts to be frozen when you file for divorce and theoretically your soon-to-be ex could completely clear it out, it hardly ever happens. That’s because judges don’t look kindly on such behavior and an individual can face harsh consequences if he or she does.
2. That being said, there are still precautions to take. Contact your bank and ask to be notified if any large sums are withdrawn or if they detect suspicious activity.
3. In most states whether you have a California or Maryland divorce lawyer, they can request a standing order to allow money to be withdrawn from the account only for routine expenses, such as monthly bills or utilities.
4. Here’s another (riskier) option: some people choose to take half the money in a joint account and open a new account before they file for divorce. It will certainly protect your money but it clearly tips off your spouse of what’s coming next.
5. If you aren’t sure what to do and don’t trust your spouse, always seek the advice of your lawyer on how to proceed in order to protect the money that is rightfully yours.
