On behalf of Lake Toback Attorneys
Illinois residents who chose to end their marriage may be wondering how they will pay for their expenses during the divorce. In some cases, bank accounts are frozen by court order, preventing either party from removing funds from the account. If someone does not have an account other than a joint bank account, it can make paying bills difficult. Depending on the circumstances of the divorce, there are a variety of ways that individuals can ensure that they have the funds that they need.
If someone is expecting to file for divorce or believes that their partner may be about to, experts recommend that they move enough money into a separate account to handle their expenses for the foreseeable future. Opinions differ on how much money individuals should remove from a joint account, but the general consensus is that people should avoid withdrawing more than 50 percent, even if it is only one of many accounts between the couple.
Should someone find themselves without money after filing for divorce and facing frozen bank accounts, they can petition a judge to allow access to certain assets during the divorce proceedings to ensure that they have the ability to pay their bills. While this option is available, it is generally better to have money on hand rather than having to wait for a judge to allow access to a bank account.
Each state has its own laws related to how assets are divided and bank accounts are handled during divorce proceedings. A lawyer could help someone understand how these laws work and help ensure that they do not accidentally break the law. Additionally, a lawyer could negotiate on someone’s behalf during the proceedings and represent them in court if an agreement cannot be reached out of court.
Source: Forbes, “Divorcing Women: When Can You Withdraw Funds From Joint Accounts?“, Jeff Landers, September 17, 2013
How to pay for things during a divorce