When you and your spouse get married, you may have a plan in place to decide how you will handle your finances. Many couples choose to create at least one joint bank account during their marriage, whether it’s a means of paying for household expenses or merging their accounts for transparency. However, this can become a complex matter when you file for divorce. If you’re unsure what will happen to your joint bank account during this process, you’ll want to keep reading. The following blog explores what you must know about these issues and how a Los Angeles division of assets attorney can assist you during these matters.
How Will the Court Divide a Joint Bank Account?
When you and your spouse decide to divorce, understanding how these assets are divided is critical. California is one of few states that adheres to community property laws. As such, all marital assets are considered community property, meaning they are subject to equal distribution between divorcing spouses. Essentially, this means each party is entitled to half of these assets, regardless of their contribution.
When you divorce, your joint bank account will be split evenly between you and your spouse, regardless of how much each spouse has deposited into the account before filing.
This is true for all joint assets. However, those deemed separate by the courts will not be subject to equal distribution and will remain the sole property of the owner. It is important to understand that assets you may believe to be separate are actually joint because they have been comingled with marital assets during your marriage. For example, if you own a business and use money from a joint bank account that your spouse contributes to as a way to pay for business expenses, your business could be considered joint property.
What Happens if My Spouse Drains the Account Before the Divorce?
If your spouse knows that the assets held in this account can be divided evenly between you both, they may try to transfer funds out of the account or spend money on frivolous purchases as a way to deprive their spouse of the money in the account. This is called marital waste and is taken very seriously during a divorce.
As such, if your spouse is found to recklessly spend money to prevent you from benefitting from the property distribution process, they can face serious legal consequences for their actions. They may receive a less favorable outcome when dividing property as a means to reimburse you for the funds you are owed and could be held in contempt of court for their actions.
When you are going through a divorce, this is an incredibly emotional time, compounded by the fact that your property and assets are on the line. As such, to ensure you receive the best possible outcome, it’s in your best interest to connect with an experienced attorney who can help guide you through these matters. At the Zitser Family Law Group, we understand how overwhelming it can be to navigate the divorce process on your own. That’s why our compassionate team is ready to fight for you. Connect with us today to learn how we can help you.
