The decision to divorce is life-changing. It has many emotional and financial consequences for you and your family. Division of assets and separation of bank accounts can complicate the process. Consult divorce lawyers in Milwaukee to simplify the procedures following the divorce.
If the split happened on good terms, it makes it considerably easier to deal with the financial procedures following the divorce. However, if the divorce was bitter and ended with a lot of unresolved resentment from both sides, things tend to get messy, and it may damage your finances.
If you had a joint account with your spouse, things could get complicated after a divorce. Consider these tips to secure your funds.
- Communicate with your former spouse.
If you and your ex-partner are amicable and end things on good terms, you can try asking them to close the joint account and distribute the funds in it. After that, you can both open new accounts under your names.
- Speak with a legal professional.
It is best to consult a divorce attorney in such cases. You can get the required knowledge about your rights and limitations in this scenario. Please make an appointment with an attorney and inquire about the withdrawal of the funds in the accounts and its legal repercussions. Check if it is legal and then proceed with it. This can only be done if the divorce hearing has not started.
- Get your decisions rectified by your attorney.
Before doing anything regarding the bank account, make sure to do it under the legal supervision of an attorney.
- Contact the bank.
If you are afraid that your spouse might withdraw the entire fund deposited in the joint account, you can contact the bank and ask them to freeze the account for the time being so that no withdrawal can take place by either of the spouses. You can further ask your attorney to inform your ex-spouse about the account freeze on your behalf.
- Leaving it to the court
If your ex-partner has a history of abusive and violent behavior when things do not go in their favor, you can let the court deal with the bank account in the final decree. Even if your spouse withdrew the entire amount of funds in the bank, it could be compensated by the court. They can order the guilty spouse to repay half of the amount along with necessary sanctions.
If your ex-partner has a history of abusive and violent behavior when things do not go in their favor, you can let the court deal with the bank account in the final decree. Even if your spouse withdrew the entire amount of funds in the bank, it could be compensated by the court. They can order the guilty spouse to repay half of the amount along with necessary sanctions.
- Close your account after the division.
After all the funds in the bank account have been divided and there is zero balance left, close the account once. You can do it with your partner or alone, depending on the status of your relationship post-breakup.
- Check for scheduled direct deposits and autopay.
Before closing the account, properly check if any active direct deposits or auto payments are scheduled for the future and transfer them to your new account.