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Should I Empty the Joint Bank Account?
(provided by Eric C. Nelson, Esq.)
Emptying the joint bank checking or savings account in anticipation of divorce would ordinarily be frowned upon, unless you had a very justifiable reason. Be warned, however, that your spouse may beat you to it. I've seen joint bank accounts cleaned out by the other party more than once, and many times there is unapproved spending by the other spouse as the divorce approaches. All things being equal, I generally recommend taking half of the joint account money and depositing it into an individual account. If you trust your spouse enough to keep your accounts joint while the divorce proceeds, I respect that, but don't say you weren't warned.
Likewise, it is a useful precaution to close or otherwise terminate additional borrowing authority on any joint credit cards, lines of credit, or other joint debt accounts, when a divorce appears imminent.
Information provided by:
Eric C. Nelson, Esq. located at
http://www.divorcesource.com/MN/DS/nelson.html
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