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Closing joint bank accounts

August 15, 2017

When couples in North Carolina decide to end their marriages, financial matters are often of significant concern. Most married couples have intertwined finances, and it can take both time and effort for the spouses to disconnect their finances from those of their ex-husband or ex-wife.

Even when a divorce is amicable, finances can be a touchy subject. One way to begin this process and avoid potential future conflict is to close joint bank accounts. Doing so not only helps to prevent conflict over shared funds and financial responsibilities, but it also allows each spouse to rebuild their personal finances.

Every bank has its own policy regarding closing a joint account, which is why spouses should contact banks immediately to find out what needs to be done. In some cases, both spouses will be expected to visit the bank, although in other situations a bank account can be closed online or via a faxed agreement.

The couple should decide ahead of time how to divide any remaining funds in the account. In all cases, the account should have a zero balance at the date of closing, and both spouses should either turn over any remaining paper checks or debit cards to the bank or destroy them outright.

If a couple uses an account’s automatic payment feature to pay bills, one of the spouses should take responsibility for discontinuing the automatic payments, confirming the disconnection and arranging for these bills to be paid through a different account. Similarly, spouses should contact their respective workplace payroll departments to ensure that direct deposits go into a different account.

Individuals who are going through a divorce may benefit from speaking with an experienced family law attorney. The lawyer may be able to review the client’s case and make recommendations regarding personal finance issues, including property division, selling the marital home, splitting retirement accounts and spousal support.

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Mr. Romano is an amazing family law attorney.  He has been my attorney for over 5 years and I have never been disappointed.  His experience and expertise in Family law, in my opinion, supersedes all others in the field.  Mr. Romano and his team are very knowledgeable, thorough, professional, and personable. I highly recommend Mr. Romano and his team without reservations. If you're in need of a Family law attorney, Mr. Romano is your guy!
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You never know all the questions you should ask so it was a blessing that they listened and provided plenty of recommendations as well as assisted with claim, deeds etc. They know what to expect and provided a service without being pushy and will go at a pace you want and explain the laws so that you can understand all the legal speak.
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To schedule a consultation, please call our office in Charlotte at 704-333-9900, or contact us online. Plumides, Romano & Johnson

2115 Rexford Road, Suite 320 Charlotte NC 28211
704-333-9900
704-358-0536

 

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