Essential Tips To Split A Joint Bank Account During Divorce

Divorce is challenging enough emotionally, not to mention financially. Splitting up finances and bank accounts is a big stressor. Tracy Moore-Grant, attorney at Patterson Moore Butler and founder of the Amicable Divorce Network, was interviewed by The Penny Hoarder in their article Breaking Up? Here’s What to Do About Joint Bank Accounts where she shares essential tips to help navigate this process smoothly.

Tracy says that before closing your joint account, open a new account solely in your name to handle deposits and bill payments. She recommends setting up this new account at a different bank to prevent any unintentional links with your old joint account, ensuring your soon-to-be ex-spouse doesn’t have access.

“Often banks link accounts together unwittingly, and you do not want your spouse to have access to this new account,”

-Tracy Moore-Grant, Attorney at Patterson Moore Butler and founder of the Amicable Divorce Network

When moving funds, transfer half of the shared money to your new solo account, even though technically you could take all. Tracy emphasizes not spending frivolously, as you may need to account for the funds later. Always follow local laws and consult your divorce attorney for guidance.

“Be sure to not spend it frivolously,” Moore-Grant cautions. “You may be asked at some point for an accounting of the funds you removed.”

-Tracy Moore-Grant

Additionally, Tracy advises taking proactive steps to protect your credit during a divorce. Monitor all bills in your name and ensure they are paid on time. Access and manage online accounts to keep up with payments, as missed bills by your ex can affect your credit score. With the emotional toll of a breakup, it’s crucial to prioritize financial responsibilities. Splitting a joint bank account fairly and possibly using a mediator can help minimize financial consequences for both parties.

Read the full article on The Pennyhoarder here to learn how to navigate splitting joint bank accounts to reduce financial burden during a divorce.