Divorce can be a complex process, and financial issues often become a major source of contention. Joint bank accounts, in particular, represent a sensitive area. For those navigating a divorce in New York, understanding your rights and obligations concerning shared finances is essential. If your spouse has emptied or closed a joint account, it’s in your best interest to enlist the help of an experienced Garden City Divorce Lawyer who can help you navigate your legal options.
Can You Close or Withdraw Money from a Joint Account Before Divorce?
Although it’s generally inadvisable to implement significant financial alterations without legal counsel, certain circumstances permit the withdrawal of funds from or even the closure of a joint account. However, extreme prudence is recommended. Transparency remains paramount, as any financial maneuvers undertaken during this period will be subjected to rigorous scrutiny throughout divorce proceedings. It’s imperative to consistently act in good faith and to be prepared to justify all actions. If you are worried about your spouse misusing joint account funds, consider rerouting your direct deposit payments.
The discovery that a joint account has been depleted or closed can heighten an already stressful situation. In such cases, the immediate priority is to obtain legal counsel. An attorney can evaluate the unique circumstances and file an emergency motion with the court to protect your rights. Gathering evidence to substantiate the timing of the withdrawals relative to your separation will be necessary.
What Consequences Will My Spouse Face?
Illinois courts view with disfavor any attempts by spouses to conceal or misuse joint funds. If a spouse depletes a joint account without justifiable cause, they may face severe penalties, including:
- Restitution: The judge will likely order the culpable spouse to return the money to the account, even if it has been spent elsewhere.
- Alimony Adjustments: Depending on the specific circumstances, the court may order your spouse to repay the funds through increased alimony payments.
- Payment of Legal Fees: Your spouse could be held responsible for your court costs, including attorney fees, court filing fees, and fees for any necessary financial investigators or forensic accountants.
- Uneven Asset Division: The judge may compensate you for the withdrawn funds by awarding a larger share of marital assets.
- Contempt of Court: If your spouse violated a court order that prohibited the withdrawal of funds, they can be held in contempt and potentially face fines or other consequences.
The primary goal of the court during divorce proceedings is to ensure a fair division of assets. If one spouse attempts to bypass this by draining joint accounts, the legal system provides safeguards to address such actions and protect both parties’ interests.
At the Law Offices of Eyal Talassazan, P.C., we are prepared to help you understand your rights and how to protect your interests during the divorce process. Connect with our firm today for guidance and skilled representation.
