The Court does have a range of different powers when dealing with how assets are to be distributed, including providing a lump sum. If the money is still in the spouses’ bank account then this will be an asset that will be included in the financial settlement. If it is then recklessly spent then it can be added back into the computation, just as long as you are able to demonstrate there has been wanton dissipation. ![]() The money taken by the spouse is still an asset and this type of behaviour can be viewed by the court as conduct. Either of the parties therefore can empty the account, regardless of who deposited it and legally they are entitled to do so and the bank or building society where the money is held, is not able to provide the other party with any relief. Clients tend to think that this means that they can only each have 50% of what’s in the joint account but actually, it extends to the entirety of the funds. The starting point in relation to a joint account is that both parties each have an equal right to the funds in the account. Unfortunately, when emotions are running high, especially in relation to finances, not all spouses will act reasonably. Whilst communication between spouses can be helpful and agreeing how you are going to manage your financial affairs in the interim can save time, a lot of trust is placed in your soon to be ex-spouse hands and not everyone will deal with matters fairly. Upon separation, it is very important to take some initial advice from a solicitor. ![]() Where one party wants advice on how much they should remove from the joint account.Where one party has removed funds from the joint account without the other person’s knowledge or consent or they have in fact drained the account entirely and run up a debt.I have had several cases during my time as a Divorce Solicitor where I have had to advise clients in relation to joint accounts.
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