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Closing a joint bank account in a divorce

New Jersey couples whose marriages are coming to an end might want to learn more about how to close their joint bank accounts. The practical steps of doing so are straightforward. Before closing a joint account, spouses should decide who gets what amount of money.

Once spouses have decided how much money each person will receive, they should to go to the bank with photo identification in hand. Most banks require at least one account owner to close the joint account in person. When the account holders are at the bank, they may have to fill out a form or answer questions to a banker who fills in the information on the computer. If the account holders did online banking, they might have to provide their online login information in order to authorize the closure of the account.

If it is possible for both parties to close the account in person, then it might be a good idea for them to go to the bank location because it can make the process move more quickly. Another reason why it is useful to have both account holders at the bank is because it allows people to be sure they will receive the right amount of money from the account once it is closed.

Property division in a divorce is often a long, detailed process. Closing joint accounts is only one part of it. When it comes to negotiating a comprehensive settlement that is fair to both parties, the couple may want to have the assistance of their respective family law attorneys.

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