What happens if my spouse withdraws money from my joint account?

If your spouse’s withdrawal of money was legal, whether the divorce court compensates you for the loss will depend on the reason the money was taken. If the funds were used to pay joint debts, marital bills, or for your children’s needs, the court probably won’t reimburse you even though you did not consent to your spouse’s use of the money.

What to do if your spouse cleans out your joint account?

If your spouse is found guilty, the criminal court will almost certainly require them to reimburse you as part of their punishment. Even if your spouse’s actions were technically legal, or you understandably do not want to report their actions as a crime, you may be able to get your money back by reporting it to the divorce court.

Can a spouse wipe out your bank account?

Finding your bank account has been wiped out by your spouse is a nightmare scenario that no one deserves to go through. Whether you can get those funds back depends on a number of factors, including the type of account, the reason the money was taken, and your state’s divorce laws.

Can you get money back from a joint bank account?

Whether you can get those funds back depends on a number of factors, including the type of account, the reason the money was taken, and your state’s divorce laws. A joint bank account is one that is registered in the name of two people who each have full power over it.

Can a spouse withdraw money from a joint bank account?

Couples often become embroiled in disputes over bank accounts during or prior to divorce proceedings. If you and your spouse plan to divorce, either one of you can withdraw all of the proceeds from your joint bank account and deposit the money into a new single-ownership account.

Can you take money out of joint account during divorce?

Many people seeking a divorce assume they are entitled to half of the funds held in their joint accounts. As such, they believe they have a right to withdraw them at any time, including after a divorce petition has been filed. The problem is, they may not have that right.

What happens if your spouse cleans out your joint account?

If the funds were used to pay joint debts, marital bills, or for your children’s needs, the court probably won’t reimburse you even though you did not consent to your spouse’s use of the money. If instead, your spouse used the money on an over the top trip around the world, they will likely find a way to ensure you are compensated for the loss.

Can a woman take money out of a joint account?

Unfortunately, even retaining an attorney to file the necessary motion for a court order can be a prohibitive expense for a woman whose husband has cleaned out the joint accounts ahead of her. Bari Z. Weinberger, owner of the New Jersey firm Weinberger Law Group, LLC, generally does not recommend her clients remove any money from joint accounts.