WHAT ARE MY OPTIONS IF I THINK MY SOON TO BE EX-SPOUSE MAY WITHDRAW FROM OUR JOINT ACCOUNT?

Hi Hindell,

My spouse and I are in the early stages of divorce, and I’m afraid my spouse will withdraw from our joint account.  What should I do? 

Sincerely,

Deciding in Dorcester

In most cases, depending on the facts and circumstances a joint account is a marital asset which will be divided equally, even if you each contributed different amounts.   If you fear that your spouse will withdraw marital assets from a joint account, you can consider several options.  First, after considering what amounts might automatically be withdrawn from the joint account, you could withdraw 50% of the funds yourself, leaving your spouse the other 50%.   Second, you could stop depositing into the joint account and open a separate account for your earnings.  Third, you could mutually agree to account for all expenses, and divide the balance.  

Best wishes,

Hindell Grossman
Grossman & Associates, Ltd.
Newton & Nantucket
617.969.0069

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