What Should You Do If Your Spouse Empties Your Bank Account During A Divorce? (2024)

FAQs

What Should You Do If Your Spouse Empties Your Bank Account During A Divorce? ›

If you suspect your spouse is already taking money from the account or they have already withdrawn all the funds from your joint accounts, seek legal advice as soon as possible.

But, if that same spouse empties the entirety of the bank account that they share with their spouse, then this is an illegal act that violates an administrative order. To ensure that this money is not dissipated and/or concealed, the best thing one can do is to speak with a divorce lawyer.

Once you file for divorce, the Automatic Orders rule goes into effect. It requires the parties to maintain the status quo concerning the family finances and children during the entire pendency of the divorce. That means you cannot empty your joint account unless your spouse consents or you get a court order first.

Penalty for Hiding Assets in Divorce

Hiding matrimonial assets is illegal under any circ*mstance. Willful non-disclosure can be punished, which means that if your spouse intentionally about their assets, they can be punished.

Open Your Own Bank Account

Most couples choose to establish a joint bank account when they get married. During a divorce, though, you should set up a bank account solely in your name as soon as possible. This step is especially important for spouses without jobs or who have been stay-at-home parents before the divorce.

Only the account holder has the right to access their bank account. If you have a joint bank account, you both own the account and have access to the funds. But in the case of a personal bank account, your spouse has no legal right to access it.

Many couples have joint bank accounts during their marriage. Each spouse has the right to make deposits into the account. Generally, each spouse has the right to withdraw from the account any amount that is in the account. Spouses often create joint accounts for practical and romantic reasons.

You cannot take your spouse's name off the account without their permission, but here's what you can do. If you and your ex are still on speaking terms, ask them to close the account together and split the funds. If they agree, take the money and immediately open a new account in your name only.

Couples split community property (like money in a bank account) equally. Meanwhile, couples who each own separate property keep their specific accounts or property. Judges will award separate property to the person judged to be the sole owner of that separate property.

The court has the power to freeze your bank accounts and other marital assets when you're in the middle of a divorce. We're not just talking about the house, cars, and furniture. Marital assets can include insurance policies, bank accounts, inheritances, and more.

How to prove your spouse is hiding money? ›

One of the best places to get proof of hidden marital assets is the courthouse. If your spouse ever borrowed money for a mortgage company or from the bank, the records will be filed there. The loan application will also contain a list of assets they own as an estimation of their value.

Financial infidelity is a term many people are not familiar with, but it can have serious consequences in marriages and relationships. Financial infidelity occurs when one partner hides or misrepresents financial information from the other, such as keeping secret bank accounts or hiding purchases.

Your spouse can access your bank account if it's a joint account; however, if it is a separate account, that is an entirely different story. If you're happily married, you might consider joint accounts, but separate accounts have their benefits, too.

Key Takeaway: Do not remove any funds from a joint bank account before the divorce proceedings are complete. The judge may award your spouse with a larger portion of the community property resources if you acted in bad faith. A prenuptial agreement may affect the rights you have to your financial assets.

Until you have a court order, any property or debt from your marriage still belongs to both of you. This is true no matter who is using it or who has it with them. The same is true of debts.

Your bank should refund any money stolen from you as a result of fraud and identity theft. They should do this as soon as possible - ideally by the end of the next working day after you report the problem.

A bank should not authorise the removal of your name without your consent. If this has, or could, occur you must contact your bank immediately.

A court must grant you the power to withdraw money from the account if you're neither a joint owner or an account beneficiary. For example, an executor must produce proof of executor status and a certified copy of the death certificate to collect funds and place them in an estate account.