Divorce & Family Law Attorneys

A Board Certified Family Lawyer serving Tampa, FL since 1996

Your brimming joint bank account is now … empty?

On Behalf of | Jul 26, 2021 | Marital Assets

“Once there’s a separation,” states a financial adviser who works with divorcing couples, “people do weird things with money.”

That’s not surprising, is it? Practiced Florida family law attorneys know from long experience that asset-tied issues are a prime source of concern and acrimony for splitting married partners.

Money is flatly “a source of contention,” notes the above adviser, and it “can lead to a partner emptying an account or using money as a bargaining chip.”

How often does that happen?

Ask a banker. Or, alternatively, query a proven divorce legal team with a demonstrated history of diligent advocacy on behalf of clients dealing with financial strife.

They will tell you the same thing: If you’re headed toward a split, you probably want to take a close and timely look at assets you share with your spouse.

Like a joint bank account, for example, which a recent Forbes article emphasizes can turn quickly problematic if a marriage is approaching the finish line.

Here’s why such an account can engender a headache in a hurry: Essentially, it treats both holders as one individual, giving each of them equal access to conduct transactions.

The potential horror story tied to that is obvious: You might wake up one morning to find that your impending ex has totally depleted the account.

Safeguards can be taken to avoid that, and a divorcing party has legal rights aimed at recovering wrongly depleted marital assets.

The bottom line stressing money and financial matters in a failing marriage is that a timely and proactive stance can help identify potential issues and protect marital property.

An experienced divorce legal team can provide further information.