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Closing a joint bank account upon divorce

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Michigan spouses whose marriages are coming to an end may be concerned with the big questions about property division, splitting assets and spousal and child support. However, there are also the day-to-day financial matters that come hand in hand with divorce that may need to be addressed. One of the most common assets that will need to be divided is a joint bank account.

While the account is active, each account holder has full access to all of the funds in the account, and each account holder can close the account without permission from the other. A joint bank account may be used to handle regular monthly expenses and may not stand out as an asset to be distributed. However, it is important to keep this account in mind during the property division stage of a divorce.

In general, at least one account holder must be present in person to close a bank account. It can ease the process further for both parties to be present during the account closing. This can also help to divide and redirect the funds at the time according to the agreed-upon property settlement. Online accounts may involve digital signatures and individual logins to confirm the account closure.

Dividing the assets in the joint bank account as part of the overall division of property can help to ease the process and prevent any confusion. In a more amicable divorce, spouses can agree between themselves about how to divide property. In some cases, people may need to seek a court order to classify and divide assets. Even in the most amicable situation, however, having the assistance of a divorce lawyer can be advisable.

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