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What should we do with all of our joint accounts?

As a given marriage travels down the road towards dissolution, many loose ends will need to be tied. Some of the most significant of these will be of a financial nature, specifically, the joint accounts once shared during the marriage. Savings and checking accounts, credit cards, equity credit lines, safe deposit boxes, investment and similar type holdings, and property ownership are some of the issues, to name a few, that will have to be resolved before the actual final divorce can be granted.

Obviously, all joint bank savings and checking accounts will have to at some point be liquidated and in some proportion divided. It is perhaps the best idea that at time of separation not only to open a new checking or savings account in your own name only, but to try and deposit some monies into such. In this way, you will not only be guaranteed to have fiscal reserves in time of need, but that no one but yourself can access such accounts.

Unfortunately, the closing of accounts is not always necessarily a clear cut issue. The operating procedures to do so may vary from state to state. Perhaps the best way to determine what is the best course for you and your spouse would be to consult an attorney, or, reference, a local law library.