Spouse Emptied Your Bank Account? Know Your Rights

Many married couples use joint bank accounts to pay bills, living expenses, entertainment, and incidentals. Typically, each spouse may make deposits and withdrawals, and joint bank accounts usually work well when a marriage is stable. However, if separation or divorce is on the horizon, things can get messy. One spouse may attempt to withdraw some or all of the funds in an account to ensure they have cash or to spite their partner. Even if you believe you can handle a split with your spouse on your own, finding an affordable divorce attorney can protect your rights.

Are Bank Accounts Considered Marital Property?

Property division laws vary from state to state. In Pennsylvania, both individual and joint bank accounts may be considered marital property. Even if a spouse has his/her own individual account, funds may be considered marital unless if they came from an inheritance or belonged to the person before the marriage. 

What Happens if My Spouse Withdraws Money from Our Bank Accounts?

Unless you and your spouse come to a mutual divorce settlement agreement outside of the courts, a judge will review all marital property and determine how to divide your assets. Although Pennsylvania is an equitable distribution state, this does not necessarily mean everything will be split 50/50. If one spouse withdrew a significant amount of money and was not authorized to do so, they may be penalized by the court. A judge may order them to:

• Return the funds to the bank account

• Give the other spouse property of equal or greater value

• Pay legal fees, fines, and other sanctions

• Reduce the percentage they receive when determining how marital assets are distributed

Family law attorneys sometimes request that the court place an order prohibiting either spouse from removing joint funds. If you and your spouse share a mortgage, car payments, or other joint debts, the court may allow them to be paid from a joint account. If your spouse takes all or a significant amount of money from your bank accounts, top divorce lawyers in Chester County, PA can help protect your rights. However, if you fail to contact an attorney right away, your spouse could easily spend the money and make it very difficult to recoup.

What if One Spouse Needs Money to Move Out?

If you believe it is best to leave the family home, it is important to keep records of any money you take and how it is spent. Withdrawing more than 50% of the money in a joint bank account will be scrutinized by the court. Keep track of rent payments and other living expenses so you have proof to show the court where the funds went. Some other factors that will be taken into consideration are child support payments, alimony payments, and any other financial issues specific to your case. Your Divorce attorney can advise you of the most effective course of action to protect your interests.

Our experienced divorce lawyers fight to protect your rights and help you understand the divorce process. If you are going through a divorce and need to update your estate plan, our top Divorce lawyers and Support attorneys can assist you with those issues as well.

This blog was originally posted on https://pa4law.com/spouse-emptied-your-bank-account-know-your-rights/

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Thinking About Divorce? This Divorce Preparation Checklist Can Help

Ending a marriage isn’t usually a pleasant thing to contemplate, but it’s critical to be properly prepared. Top divorce lawyers in Chester County, PA advise clients to collect certain information and important documents to help make the process more expedient and less stressful. 

Divorce Checklist

Being methodical and organized when gathering information is vital. There are many different issues to consider, and following this checklist can help you make quick work of them. The more information you have in writing, the better.

Marriage Documents

The first items you’ll want to gather are marriage documents such as:

Marriage license – Find your marriage license and put it in a safe place. If you’re unable to locate it, request an official copy from the jurisdiction in which you were married.  

Agreements – Collect any pre-or post-nuptial agreements and estate planning documents such as wills, trusts, powers of attorney, and advance directives. If you can’t find these documents, contact your estate planning attorney to request copies.

Life insurance policies – If you and/or your spouse have any life insurance policies, gather them and put them in your file.  

Financial Documents

Money is often a point of contention, so it’s important to gather as much financial documentation as possible before you file for divorce. Some important items include:

Income-related documents such as both spouses’ paystubs from the past year, W-2s, and several years of individual and joint tax returns. If you or your spouse is self-employed, include bank statements, paid invoices, canceled checks, financial statements, profit and loss statements, and any other relevant documentation regarding income. 

Financial account information should include checking and savings accounts, investment accounts, retirement accounts, bank statements, savings certificates, CDs, security deposit boxes, and any other financial documentation. To ensure marital property is properly divided, all accounts and assets must be disclosed, whether they are held jointly or separately. 

Real estate documents like mortgage statements, proof of mortgage payments, refinancing documents, home equity loan information, deeds, real estate purchase documents, and property tax assessments and payments can be useful when it comes to the division of marital property. 

Documentation of other property you and your spouse own individually and jointly is also critical. Gather vehicle titles, registration, and proof of any outstanding debt on the vehicles. Make a list of other assets such as jewelry, household items, furniture, intellectual property, collectibles, and any other valuable items. Include their valuation if possible. If you received any inheritance individually, make sure to include evidence of that as well.

Proof of individual and marital debt such as credit cards, loans, and medical bills can help to ensure, that division of property and debt is fair. Download a copy of your credit report and put it in your file 

Think About Custody Arrangements

If you have children, it’s important to consider how your divorce will affect them and to come up with a plan that keeps their best interests in mind. Talk to a family custody attorney about creating a proposed custody plan that includes information about regular custody schedules, vacations, holidays, and important issues such as education, religion and health care. Your lawyer can also help you understand how child support works in your state. 

Being prepared for divorce can be daunting, but you don’t have to go it alone. Our affordable divorce attorneys have your back every step of the way. If you need assistance with creating a new will, our top probate lawyers can assist you with an estate plan as well. 

This blog was originally posted on https://pa4law.com/thinking-about-divorce-this-divorce-preparation-checklist-can-help/

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