Quatela Chimeri, PLLC

Paying attention to bank accounts may be useful during divorce

Ending a marriage is something that numerous New York residents will face. As part of their main concerns, they may wonder how they will fair financially during and after the divorce proceedings. Because marriage dissolution can result in a significant financial hit, individuals may want to explore their options for protecting their assets.

First of all, having personal bank accounts could be beneficial. Though many married couples tend to create joint accounts so that each party has access to funds, creating a personal account could allow individuals to accumulate funds for their use only, which could be especially useful when it comes to paying legal fees and other divorce-related expenses. Of course, in order to avoid accusations of hiding assets, it may prove wise to make it known when these accounts are created.

Closing joint accounts could also be another useful step. This action does not just apply to bank accounts. Closing joint credit accounts can also be beneficial as it could prevent individuals from becoming liable for any additional debt one party accumulates. In some cases, someone with joint accounts may try to use up a good portion of the funds or accrue substantial debt in hopes of financially hurting the other person.

Divorce can be difficult to navigate, and having money concerns can make the situation even more daunting. However, New York residents can prepare ahead of time to ensure that they have funds they need to get through the proceedings, and they can also learn about their property division options to work toward outcomes that could protect them from facing financial detriment. Interested parties may wish to consult with knowledgeable legal professionals regarding possible options.

Source: goodmenproject.com, "11 Tips For Protecting Your Money During Divorce", March 23, 2018

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