As soon as two individuals are legally married, their finances are considered marital assets and are intertwined. This means that anything that each spouse buys or inherits during a marriage is subject to equitable distribution should the couple file for divorce. Similarly, joint accounts acquired during the marriage are also considered as a marital asset.
Upon divorce, any cash remaining in the joint account is going to be distributed fairly by the court and it is illegal for any spouse to drain the account during the divorce for their personal use.
What You Can Do Prevent Your Soon-To-Be Ex-Spouse or Estranged Spouse from Draining Your Joint Accounts
Before we get to that, understand that having a joint account opened during a marriage is mostly an act of faith and trust. There are no real ways of preventing your spouse from accessing the funds therein the accounts as soon as the divorce process begins. But there are a couple of preventative measures you may take to become more proactive in the matter.
Having Your Ex-Spouse Caught
Understand that accessing a joint account or any account for that matter will generate a transactional record with the bank. If you suspect that your estranged spouse may access your funds, you can instruct the bank to send you a notification before or after the fact. This way you can report the activity to the court.
Freezing the Bank Account
Because the account is both in your name and your spouse’s name, you provide the bank with your identification details along with the account number and have the bank account frozen, barring anyone from accessing the funds.
Questions about your estate plan?
Every situation is different. If you have questions about how Virginia law applies to yours, contact the Law Office of Miles Franklin to schedule a consultation.
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