Managing bank accounts after a divorce in Illinois

On behalf of Stange Law Firm, PC posted in Property Division on Saturday, March 4, 2017.

Many experts recommend that when a couple gets a divorce, they should begin to split up their finances immediately. This usually involves closing joint bank accounts and/or removing a spouse as an authorized account user and then creating entirely new accounts.

However, not everyone will want to close their bank accounts and start over again. For many people, bank accounts are set up to automatically pay bills their checking account. A number of individuals also have direct deposit through their employer so they don’t have to bring a paycheck to the bank.

As a result, there are people who don’t want to go through the hassle of getting everything switched over to a new account. At most banks, individuals are able to fill out a form and take one person off of a joint account. Many online banks also allow people to do this, although the process may require faxing or scanning forms. The best way to find out if this is possible is to ask the bank as soon as the separation becomes imminent.

The way that assets are split up during property division can have a major impact on life following a divorce. Aside from the issue of splitting up a couple’s property, the type of property that someone opts for can have an effect on their future. For instance, if someone keeps a home or retirement account, they may find themselves strapped for cash due to a lack of liquid assets. A lawyer could represent a client throughout the property division process and help them get an equitable share of the assets.

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