Moving existing joint bank account into individual account

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???

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

Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.