Unfortunately, going through a divorce can bring out the worst in some. However, the last thing you expect is to learn that your spouse has completely drained your joint bank account. This can be an incredibly upsetting discovery, and you may be unsure of where to turn or your rights in these matters. If this reflects your circumstances, the following blog explores what you should know and the importance of working with experienced Long Island property division lawyers to help you during these matters.
Are Joint Bank Accounts Marital Property?
When going through a divorce, it’s important to understand what assets are subject to division during a divorce. Generally, you’ll find that any asset obtained during your marriage, regardless of who makes the purchase, is considered marital property. Some exceptions, like inheritances or gifts, can remain separate. However, the vast majority of assets obtained during a marriage are considered the property of both partners.
It’s important to understand that only marital assets are divided during a divorce in New York. This means all of your separate property will remain your own. Marital assets, however, are not always divided evenly during a divorce. Instead, they are subject to equitable distribution laws, meaning the property will be split according to each spouse’s contribution to the marriage, both financially and domestically.
What Should I Do if My Spouse Cleared Out Our Account?
As such, if your spouse empties your joint bank account, it can be devastating. However, because this is a joint asset, it’s important to understand your rights in these matters. Generally, the most important thing you should do following this discovery is to contact an experienced attorney as soon as possible. They can provide the best advice based on your circumstances to help you protect yourself.
However, in most instances, you’ll find that one of the next most important steps is to ensure you document everything related to their actions. This includes obtaining bank statements, withdrawal slips, and any other notifications you may receive from your bank related to the transfer of these funds. You may also want to pause all direct deposits you may have sent to the account to prevent your spouse from gaining access to these funds. However, you should discuss this matter with an attorney before making changes to the account.
It’s important to understand that the court can impose penalties on a spouse who tries to misuse joint assets. Generally, this can include ordering your spouse to repay the funds, even if they have already been spent. In other instances, they may be ordered to have larger alimony payments to reimburse you, or the court may grant you a larger share of assets to cover the portion of funds your spouse took.
As you can see, this process can be incredibly complicated. That is why working with the team at Sklavos Law Firm is in your best interest. Our team will do everything possible to help you fight for the best possible outcome. Contact us today to learn more.