Can You Freeze Joint Bank Accounts During A Florida Divorce?
Money-related fears are typically among the first worries a couple experiences when considering divorce. Many people fear that their spouse will empty their joint bank accounts before the divorce is final. Even though it is a very reasonable concern, acting on it without enough information about what Florida law says could lead to even more legal trouble. It is important to know your rights regarding joint bank accounts, how they work, and how to protect them.
Ownership of joint accounts
In the State of Florida, the money in a joint bank account is usually shared between both account owners, which means either of the two individuals can withdraw funds from the account, whether the money was deposited by one spouse or the other. This does not mean that such action would be advisable during your divorce.
Florida law requires both parties to take care of the marital property while the divorce is being processed. When a person withdraws or spends a significant amount of money without reasonable cause, the judge can consider the act as the “intentional dissipation” of marital assets.
Can you freeze a joint bank account?
You can’t just instruct a bank to freeze a joint account of your own accord if the other owner of the account shares the same right as your spouse. Most of the time, the bank will honor the withdrawal requests even though both parties did not consent to it.
If you’re afraid your spouse might empty the joint bank account, you should request help from the court for a temporary order. The court can issue temporary orders that would prevent either spouse from wasting or hiding away the assets of the marriage.
It all depends on the situation, as the court could also impose conditions that would make certain amounts of money untouchable or even give directions on how the funds could be spent for household needs.
What if your spouse empties the account?
If the other party withdraws a substantial amount of money either right before the divorce or during the divorce process, you shouldn’t necessarily expect that the money is gone for good. The Florida courts can address any such withdrawals and include them in the process of distributing marital assets.
It means the court will deduct the withdrawal sum from your spouse’s share of the offender or will reimburse the withdrawn money if the money was spent on non-marital purposes.
Protecting your financial interests
If you think your marital property is in danger, you should take action immediately. You should have copies of all the latest bank statements, be aware of all transactions made in these accounts, and refrain from making any big withdrawals without first getting sound legal advice. Doing anything in haste to try and “beat your spouse to the money” can actually end up costing you later on.
There is much that a Florida family law attorney can do for you by taking temporary court orders to ensure that your financial rights are protected during the divorce proceedings.
Talk to a Tampa, FL, Family Law Attorney Today
Faulkner Law Group, PLLC, represents the interests of Tampa residents during their divorce. Call our Tampa family lawyers today to schedule an appointment, and we can begin preparing your case right away.
