Frequently Asked Divorce Question

If you are going through a divorce or are contemplating filing for divorce you should have some basic information to help you make the best decision possible. One common question leading up to, or during a divorce is whether you should start closing bank accounts now, or removing funds from bank accounts now. The answer to this question depends on a number of factors. A short list of some of the factors:

1. Is the account solely in your name?

2. Does the account contain funds that were yours prior to the date you were married?

3. Are the funds your salary, or your spouse's salary?

4. What do you intend to do with the funds once you remove them-- is the withdrawal necessary?

5. Will you let your spouse know that you intend to close the account, or significantly deplete the account?

6. What funds will your spouse have available if the account is closed?

7. Is there a Court Order in place prohibiting you from closing any financial accounts?

The above questions should be considered and answered prior to making a decision to remove significant funds or close a bank account. Consider number four above: if your intention is to remove all of the funds from a joint bank account and make an extravagant purchase, that depletion of the account is likely to be counted against you at the conclusion of the case. In other words, extravagant purchases at or around the time of divorce will generally be treated differently than if the removal of funds was necessary for food, shelter, and other necessities. When making an important decision like this one it is best to seek the advice of an attorney.

If you have specific questions about Divorce or if you are considering some of the questions above, contact our office today to speak with an Austin divorce lawyer who can help.