Sharing bank accounts is standard practice for married couples. Most spouses combine their resources and their financial obligations. They may both deposit their paychecks into one shared bank account. They may not have to make a concerted effort to separate their resources and financial obligations if they decide to divorce.
Those preparing for divorce may worry about financial misconduct on the part of a spouse. The idea that one spouse might empty a bank account and keep everything in it could make the other spouse very anxious about their finances during and after a divorce. They may even consider emptying the account before their spouse gets the chance to do so.
Is it legal for one spouse to empty out a joint checking account during a divorce?
Both spouses have access to shared accounts
The uncomfortable reality for those preparing for divorce is that both spouses have the right to access and make use of joint assets. They generally continue to share resources until the courts approve a final property division order.
Spouses have to disclose their assets and debts to one another and the courts during the divorce. They then apply community property statutes to the division of those resources and financial obligations. If one spouse makes substantial withdrawals from a shared account, then they have to report those resources to the court and account for them during the property division process.
If one spouse pulls thousands of dollars from a joint checking account, the judge overseeing the divorce case can factor that financial behavior into their other decisions regarding the property and debts of the spouses. Actions intended to deprive one spouse of their fair share of the marital estate or inappropriately diminish the marital estate can result in consequences during the property division process.
In cases where spouses believe that such misconduct is likely, they can sometimes take preventative steps to avoid the misuse or dissipation of marital assets. Judges can issue temporary financial restraining orders that limit access to shared bank accounts or revolving lines of credit.
Knowing what to expect while preparing for a Texas divorce can help people ensure they have the resources they need. Either spouse can potentially access joint financial accounts, but records of their financial activity can affect the final outcome of the divorce process.