Moving existing joint bank account into individual account


#1

High level situation…My spouse has an account with bank1 ( I do NOT have access to this account)- this money has been co-mingled. We have another account with bank2–my direct deposit goes here. Her account has approx. $60k in it and the other joint account has approx. $27k. We are just now starting the separation process-- no agreements etc, in place. I was wanting to open another individual account with bank2 that only I have access to and have my direct deposit changed to go there. I also want to move the 27K from the joint account to this new account--NOT to hide the , but to protect it from angry spending on her part. I would continue to pay mortgage, utilities etc… from this new account. Is this advisable???


#2

It is generally best to divide all accounts 50/50. This is because all monies earned during the marriage is considered marital property and subject to being divided equally among the spouses.

Considering the total account balances for all bank accounts, if one-half of the total amount (assuming all accounts are marital property) is not less than $27,000 in your case, then it may be acceptable to transfer the entire balance. You will need to make sure of your spouse’s individual account balance first and ensure that all funds in the individual account are marital property.


Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh

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