Finances are often tighter after a divorce, but a strain can start before a settlement is finalized. Florida residents may wonder about using joint accounts during the process. In many marriages, one partner handles the finances. While there is nothing wrong with this, the other person should at least know basic information. This includes income and investment information, the different types of joint accounts a couple has and how to access them.
If a divorce is imminent, a spouse needs to withdraw money before filing. This is because an Automatic Temporary Restraining Order could restrict withdrawals from joint accounts after the filing is made.
One may need an attorney and financial planner when going through a divorce. In general, people have a right to half the funds in a joint account. If there is only one joint account with liquid assets, then a spouse might need his or her full share if this person does not have other assets in his or her name.
Spouses should not aim to ‘clean out” joint accounts but should take the funds deemed necessary to survive while going through a divorce. As withdrawing money can be seen as an aggressive move, an advance distribution of funds might be used instead. To avoid bad blood, one should communicate with a spouse before withdrawing funds if possible. Both parties can make plans to split the money if this works. Whether able to speak with a partner or not, the main point is that one person should not take more than half of the funds from joint accounts.
The advice of a Venice, Florida, property division law firm might be valuable at this stage. Not all assets can be split evenly, and mediation or negotiations could occur so that each person receives a fair share of joint property.