For many married couples, their finances are very integrated. Such integration commonly involves having joint bank accounts and joint credit cards.
Thus, it is not at all uncommon for a couple that is entering the divorce process to have joint bank accounts and joint credit cards. Leading up to and during the divorce process, there are many things a divorcing individual may have significant concerns about when it comes to these vestiges of their past financial integration with their soon-to-be ex-spouse, including:
- How assets in the joint bank accounts will be divided in the divorce.
- How debts incurred on jointly-held credit cards will be divided in the divorce.
- The possibility of their estranged spouse depleting assets from jointly held bank accounts.
- The possibility of their estranged spouse rapidly building up debt on jointly held credit cards.
Thankfully, there are actions individuals can take leading up to and during a divorce to try to address these concerns.
There are many different ways divorce-related matters involving joint bank accounts and credit cards could be handled. Finding the approach best matched to the overall situation can be very important. An approach that isn’t well-matched could lead to critical missteps that could have significant financial implications for a divorcing individual. Thus, a skilled attorney’s advice can be a very good thing to have when it comes to joint bank account and credit card issues in a divorce.
Our firm understands the unique issues that can arise in relation to joint bank accounts and joint credit cards in divorces. We provide guidance to divorcing individuals on these issues and a wide range of other property-related divorce matters.