Rights Concerning Joint Accounts during a Divorce?


One of the trickiest parts of getting a divorce is drawing up an agreement about how assets will be divided. Many couples waste months of their lives and spend £1,000s arguing about the division of assets in court.

A recent government study showed that, on average, couples who go to court to divide up their assets end up spending around £4,000 to resolve the issue. Typically, it takes around 14 months before the matter is ruled upon, and, often, neither couple is happy with the judge’s decision.

Unfortunately, it is not unusual for one spouse to get frustrated and empty the joint account. When that happens things can get nasty, and communication normally breaks down completely. Neither spouse has a right to take all of the money from a joint account, but if one does take all of the money, it is virtually impossible for the other spouse to get any of the money back.

Is the Split Automatically 50/50?

Many people assume that they have an automatic right to 50% of what is in the joint accounts. In reality, this is not the case. Many factors govern how much of the joint assets each spouse is entitled to. These factors include the respective ages of the couple, how much they earn, their earning potential, how healthy they are and their financial responsibilities. Many couples are amazed at the judge’s decision, simply because they do not understand the huge number of factors that are used to make the decision about who gets what.

How to Deal with Joint Accounts during a Divorce

If you are getting a divorce you should deal with the joint accounts first. Try to agree what will be done with that particular asset and divide it up straight away.

Some couples take the step of freezing joint accounts to ensure neither partner can take all of the money without the consent of the other. This is an approach that it is well worth considering. However, be careful to work out how bls will be paid first and deal with any direct debits connected with the account to avoid running up debts.

Draw up a Financial Agreement as Soon as Possible

Even if you are not filing for divorce straight away, take legal advice about your right to assets. Then try to work out an agreement with your partner. At Hylton- Potts, we try to help couples to avoid ending up in court, and if that fails offer highly competitive fixed fees not terrifying hourly rates.