For many couples, joint bank accounts are a key component of financial management. But, when it comes to a breakup or divorce, these joint accounts can become the source of confusion. When should they be closed, and how? Here is some information about closing joint accounts for those who are pursuing a divorce in Florida.
The typical steps to closing a joint bank account include the following:
- Agree on how to close the account: This includes not only the decision to close the account itself, but coming to an agreement on the distribution of funds. If there is contention at this stage, the account will be frozen until the conclusion of the divorce so neither party can access funds.
- Close the account together: Some banks require both owners to go to the branch together to close an account, while others require signatures instead. Either way, the fact remains that both parties must be involved in the process.
- Open a new account: For couples who only used their joint account while married, this is a critical step. It is a good idea to bring IDs and social security information to the branch when one arrives to close the joint account so they can set up a new one immediately.
Bringing a divorce decree to the bank can help limit the paperwork needed to close a joint account. The finalized divorce can also help to clarify how the funds should be distributed, which is necessary for the closure of the account. Individuals in Florida with questions or concerns about joint accounts in a divorce could benefit from speaking with an experienced family law attorney.