How to Protect a Joint Account in a Divorce

Learn steps to safeguard shared bank accounts during divorce proceedings, including documentation and legal protections.

  1. Document all account activity immediately. Print or screenshot the last 12 months of statements for every joint account. Record the current balance, all automatic deposits and withdrawals, and any large recent transactions. This creates a paper trail that shows the account's status before divorce proceedings begin.
  2. Notify your bank about the divorce. Call your bank and inform them about the pending divorce. Ask if they offer account restrictions that require both parties to sign for withdrawals above a certain amount. Some banks will place a hold requiring dual signatures for transactions over $500 or $1,000.
  3. Request a temporary restraining order if needed. If you suspect your spouse might drain accounts, ask your attorney about a temporary restraining order (TRO). This court order can freeze joint accounts or require both signatures for any withdrawals. TROs typically take 1-3 business days to process.
  4. Redirect your direct deposits and automatic payments. Open an individual account in your name only at a different bank. Move your paycheck, benefits, and any automatic payments you're responsible for to this new account. Leave enough in the joint account to cover shared obligations like mortgage or utilities until the divorce is finalized.
  5. Calculate your rightful share before any division. Add up what you contributed to joint accounts versus what your spouse contributed. Include paychecks, inheritance, and any money you brought from individual accounts. Keep records of who paid for what during the marriage - this affects how assets get divided.
  6. Close joint accounts only with legal guidance. Don't close joint accounts without your attorney's approval or a court order. Closing accounts unilaterally can be seen as hiding assets. Instead, work through your lawyers to determine when and how to divide the remaining balance and formally close shared accounts.