“Once there’s a separation,” states a financial adviser who works with divorcing couples, “people do weird things with money.” That’s not surprising. Practiced Florida family law attorneys know from long experience that asset-tied issues are a prime source of concern and acrimony for splitting married partners. Money is flatly “a source of contention,” notes the above adviser, and it “can lead to a partner removing marital property before divorce or using money as a bargaining chip.”
There’s a list of what to do before telling your spouse you want a divorce, but removing marital property before a divorce is never one of them.
How Often Does a Spouse Remove Marital Property Before a Divorce
How often does that happen?
Ask a banker. Alternatively, query a proven divorce legal team with a demonstrated history of diligent advocacy on behalf of clients dealing with financial strife. They will tell you the same thing: If you’re headed toward a split, you probably want to take a close and timely look at the community assets you share with your spouse. If you own a small business, you’ll also want to understand how an LLC is treated in divorce.
A joint bank account, for example, a recent Forbes article emphasizes, can quickly become problematic if a marriage is approaching the finish line. Crypto divorce settlements can also be messy.
Why Joint Bank Accounts Cause Problems in Divorce
Here’s why such an account can engender a headache in a hurry: It treats both holders as one individual, giving each of them equal access to conduct transactions. The potential horror story tied to that is obvious: You might wake up one morning to find that your impending ex has totally depleted the account.
Safeguards can be taken to avoid that, and a divorcing party has legal rights aimed at recovering wrongly depleted marital assets.
The bottom line stressing money and financial matters in a failing marriage is that a timely and proactive stance can help identify potential issues and protect marital property. An experienced Tampa divorce legal team can provide further information.
