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?
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 First, after considering what amounts might automatically be withdrawn from the joint account, you could withdraw 50% of the funds yourself, leaving your spouse the other 50%.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.
Grossman & Associates, Ltd.
Newton & Nantucket