Joint Account

[trip19d]

What is the name of your state (only U.S. law)? IL

A day after I filed for divorce and it was submitted in court, my wife pulled out half of what was in the checking account. All the money in the account was mine from my paycheckvand her paycheck went to a sole account. I understand that it is a joint account but left the money in for the courts to divide accordingly. Is There anyway to fight for this money or did she get over. This caused several checks to bounce and I was forced to pay the charges. Since this incident I have pulled the rest of the money out and placed it in a sole account. Where do I stand?

 

[LdiJ]

What is the name of your state (only U.S. law)? IL

A day after I filed for divorce and it was submitted in court, my wife pulled out half of what was in the checking account. All the money in the account was mine from my paycheckvand her paycheck went to a sole account. I understand that it is a joint account but left the money in for the courts to divide accordingly. Is There anyway to fight for this money or did she get over. This caused several checks to bounce and I was forced to pay the charges. Since this incident I have pulled the rest of the money out and placed it in a sole account. Where do I stand?

You will each have to account for the money in your sole accounts, and for the money that was taken from the joint account, in the property settlement portion of your divorce.

However if the money gets spent for allowable reasons (basic living expenses, monthly bills, attorney fees, etc.) that is considered to be acceptable use of the money.

 

[trip19d]

I was trying to do the right thing by letting the court divide the money in the accounts. I have every penny still there untouched so it can be accounted for. Thanks for your help.

 

[missflo]

Just a warning, if you live in a community property state, not only will the existing money be taken into account but all money you receive until the divorce is final along with all expenditures made with that money. My husband went through a really nasty divorce that dragged on for 2 years wherein his ex-wife forced him to account for nearly every penny he spent ie; entertainment, furnishings, gifts to his children, travel, and on and on. She maintained that any money he spent was half hers and she was right. It does work both ways, of course, but it seems like there's usually one spouse who always wants to take things to the extreme. Just be conservative and keep good records or you may find yourself going through depositions and counting the coffee mugs and fountain pens in your house. It can really get ridiculous.
Good luck!

 

[mistoffolees]

I was trying to do the right thing by letting the court divide the money in the accounts. I have every penny still there untouched so it can be accounted for. Thanks for your help.

That's OK and honorable, but I would suggest that you ask your attorney about removing the other half of the money and putting it into an account that your ex can't get. Since she took half, there's little chance of getting into trouble as long as you disclose the money and don't hide it. Or, ask the bank to freeze the account so no more money can be withdrawn. Or, if you don't need it, there may be a mechanism for the attorney to hold it in an escrow account. But don't do any of these without asking your attorney because it depends a lot on local practice.