How to deal with Joint Accounts in time of Divorce?

In case you are going through a particularly ugly divorce and you have a joint account with your partner then you should take some active steps. Firstly contact the bank, credit card authorities and other financial providers and give a detailed explanation of what you are going through.

You can stop your ex partner from running up high bills or using cash by instructing the bank to withhold rights. Don’t freeze the account as this will affect both of you. Discuss with your ex partner whether you can still pay off joint bills by a system like direct debit.

Division of assets

Don’t make the costly mistake of exchanging a portion of your ex spouse’s income for a part of the marital home. An asset like a property will require maintenance costs while income is no maintenance. If you inherit a portion of the house you will have to pay for repairs and improvements. Don’t go for the logic “50-50 division of assets”. Examine the actual valuation and the effect of those assets on your financial position.

Pre nup agreements

Family lawyers will tell you that a pre nup is the perfect solution when it comes to asset protection. You can clearly mention in the agreement that you wish to reserve rights to certain assets like property, family heirlooms, jewellery and other personal goods and you do not wish your partner to have any control over these items.