In Massachusetts, either joint account holder can legally withdraw funds from a joint bank account. However, during a divorce or separation, courts may consider this action when dividing assets. It’s advisable to act in good faith and not unilaterally deplete shared funds, as this could negatively affect the outcome of the divorce settlement.
The Challenge of Shared Money
When people get married, they often mix their money in a joint bank account. It’s a sign they’re working together. But when those people decide to divorce, that shared account can become a problem. This article will guide you through what happens with a joint bank account when a couple divorces in Massachusetts.
Two Names, One Account:
Understanding Joint Banking
What's Mine is Yours: The Basics
A joint bank account is like a shared wallet. Both people can put money in and take money out. In most places, it doesn’t matter who put more money in; both own it all. But when you split up, this can get tricky.
Together Until We're Not: Rights to the Money
Even though both people own the money in a joint account, it’s not okay for one person to take it all without saying anything. It’s legal, but it can cause bigger problems later, especially in a divorce.
The Law's Take in Massachusetts:
Fair Share for All
How Massachusetts Sees It: Rules of Splitting Up
In Massachusetts, the law says both people in a divorce should get a fair share of what they own together, like money in a joint bank account. Sometimes, a judge might have to decide what’s fair.
When the Judge Decides
If a couple can’t agree on how to split their money, a judge will step in. They look at everything to decide who should get what. It’s not just about splitting it down the middle but about what’s fair.
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Going Solo:
Can You Take All the Money?
The Quick Grab: Can You Do It?
Yes, you can take all the money from a joint account if you really want to. But be careful. This might solve one problem but create others, especially if the other person thinks it’s not fair. Further, once a divorce is filed, automatic restraining orders go into place. These orders prevent either spouse from disposing of assets, including money from a bank account.
Trouble After Taking
Taking all the money without talking to the other person can look bad. It can hurt how the judge sees you and can even lead to legal problems. It’s important to think about the consequences.
Keeping Your Money Safe
Get Ready for Rain: Protecting Yourself
If you think your marriage might end, it’s smart to set up your own bank account. This way, you have money that’s just yours and won’t get mixed up in the divorce. Keep in mind, however, that money you’re earning while you’re married is still considered marital property and can be divided by a judge.
Tracking Your Cash: Keeping Records
If you’re worried about your joint account, start keeping track of what goes in and out. This can help you later if there’s a disagreement about the money. Keeping accurate information about your money is crucial at this phase.
Divorce and Dollars:
What the Law Says
Splitting It Up: The Court's Part
When you divorce in Massachusetts, the law tries to divide things fairly. This includes the money in joint bank accounts. But fair doesn’t always mean equal.
Get Help: Why You Need a Lawyer
A good lawyer can help a lot. They know how to deal with the courts and can work to make sure you’re treated fairly. There’s a lot riding on this and you may only get one chance to get it right.
Playing Fair with Money
Right and Wrong: The Morals of Money
Taking all the money might be legal, but it’s not always the right thing to do. It’s important to think about what’s fair and to treat the other person the way you’d want to be treated.
Being Fair: Keeping Things Civil
If you can be fair with each other, it’ll make everything go smoother. The courts like it when people are fair, and it can help finish the divorce faster and easier.
Conclusion: Moving Forward Separately
Divorce can make money matters complicated, especially with joint bank accounts. But if you understand your rights, prepare, and act fairly, you can get through it without too much trouble.
Legal Disclaimer
This article is intended for informational purposes only and does not constitute legal advice. Please consult with an attorney to discuss your specific circumstances and receive tailored guidance.
I have been practicing law in Massachusetts since 1995. My focus is in the areas of criminal and family law. I’m dedicated to providing high-quality legal help at an affordable price. I practice throughout Massachusetts. I earned my MBA from the University of Rhode Island in 2023. I earned my JD from New England School of Law in 1994. I earned my BA from Rhode Island College in 1990.