Divorce can be emotionally taxing, but there are also financial issues for New Jersey couples to resolve, and closing a joint bank account can be one of the many tasks they need to address. Following a few steps can make closing a joint bank account a little smoother for couples.
Agree on the account closure with your spouse
The first step in closing a joint bank account during a divorce is to reach an agreement with your spouse. Both parties should be on board with closing the account to ensure that there is no confusion or miscommunication. If one party is not willing to close the account, it can lead to further complications.
Stop all transactions on the account
Once both parties agree to close the joint bank account, it’s essential to stop all transactions on the account. This includes direct deposits, automatic bill payments and any other recurring transactions. Doing this as soon as possible will help you avoid any fees or charges.
Withdraw the funds
After halting all transactions, the next step is to withdraw the funds from the account. Decide how to split the money, if applicable, and ensure that both parties have access to their share of the funds. It’s important to withdraw all the money from the account before closing it.
Notify the bank
After withdrawing the funds, it’s time to notify the bank that you want to close the account. Contact the bank and provide them with the necessary information, such as the account number and the reason for closing the account. You should note that some banks may require both parties to be present to close the account, so be sure to double-check the bank’s policies.
Get confirmation in writing
Finally, it’s essential to get confirmation from the bank in writing that the account has been closed. This will guarantee that there is no confusion or miscommunication in the future. Keep the confirmation in a safe place, along with any other important documents related to your divorce.
Closing a joint bank account without complications
Closing a joint bank account during a divorce can add anxiety to an already stressful process. It’s essential to agree on the account closure with your spouse and go through all the necessary steps to ensure a smooth closure, avoiding further complications.