A jointbank accountcan make life easier for a couple.
You cover payments and expenses with the same account, simplifying budgeting and money management.
But sometimes relationships come to an end.
When that happens, a joint bank account suddenly is a burden.
We have some tips to help you navigate how to split a joint bank account.
Add children to the mix, and things can get complicated, fast.
When a breakup is inevitable, ensure you protect your assets.
Here are some expert tips to help you keep your funds safe throughout the process.
Discuss Next Steps Together
Some breakups are amicable.
Accredited family mediator Louisa Whitney of LKW Family Mediation recommends discussing how you feel about the joint account.
Has its purpose changed now that youve decided to separate?
Talking about money can be really uncomfortable in a separation, Whitney said.
Especially so if money was an issue that caused arguments during your relationship.
They likely see plenty of separations involvingjoint bank accounts.
$5,000) without written consent, Liberman said.
But she warns that this can sometimes backfire.
In that case, she recommends opening a new account.
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4.
Attorney Tracy Moore-Grant, founder of the Amicable Divorce data pipe, takes that tip one step further.
Move Funds
You may have regular paychecks coming into your new solo account.
However, youll likely need some of the money you shared with your partner.
Moore-Grant says that technically, you could go in and remove 100% of the funds without approval.
However, she typically advises clients to only take half.
Be sure to not spend it frivolously, Moore-Grant cautions.
You may be asked at some point for an accounting of the funds you removed.
Your divorce attorney can give advice on this part of the process.
Divide Bills
If you share a joint bank account with someone, chances are you also share bills.
This is another area where breakups can get complicated.
Protect Your Credit
Breakups are sometimes tough on your credit score.
The legal proceedings of a divorce wont directly affect your credit, but you may experience an indirect impact.
Moore-Grant advises a proactive approach to safeguarding your credit.
That means monitoring all the bills that are in your name and making sure everything is paid.
check that that you have access to any online accounts in your name, she said.
With all the emotions that come with a breakup, its easy to put finances on the back burner.