It’s no secret that going through a divorce can bring out the worst in some people. Not only can this be a devastating emotional time, but it can also be overwhelming to navigate the financial and legal complexities of this process. As such, some may become overwhelmed, making rash decisions that can impact all involved. That is why discovering that your spouse has completely emptied a joint bank account can be devastating. It’s important to understand, however, that you have rights in these matters. The following blog explores the steps you should take if this reflects your circumstances, as well s the importance of working with a Long Island property division lawyer to further explore your options.
Can I Do Anything if My Spouse Emptied Our Joint Account?
Discovering that your spouse had depleted all the funds out of a shared bank account can be incredibly troubling. However, it’s imperative to understand that you have legal options. In general, you’ll find that the first thing you should do is document this instance. This includes taking screenshots of banking notifications, as well as obtaining copies of the bank statements. This helps clearly show when the transaction occurred and how much money was moved from the account.
Next, you should contact an experienced attorney as soon as possible, as they can assist you in better understanding your rights and the steps you must take if your spouse makes a rash decision like draining a shared bank account.
Finally, you may want to stop putting any direct deposits in this account. This can help prevent your spouse from accessing any funds you earn. However, you should be sure to document this change and be ready to justify it to the courts.
Can They Face Consequences for This Act?
In the event your spouse takes all the money out of a joint account, it’s imperative to understand that they can face intense consequences for this action. This is because joint bank accounts are considered marital property in New York, and thus are subject to division under the state’s equitable distribution laws. As such, this can be considered marital fraud, and the courts may impose penalties on your spouse to compensate them for the funds they took.
One of the most common outcomes is that the court can order your spouse to return the funds removed from the account, and then divide them accordingly, even if your spouse has already spent or invested the money. In some instances, however, you’ll find that the court can reward you with increased alimony or a greater share of the property divided between you and your spouse to compensate you for their actions.
Regardless of your circumstances, if your spouse has drained your bank account, it’s in your best interest to connect with an experienced attorney as soon as possible to discuss your circumstances. At the Law Offices of Jay D. Raxenberg, P.C., we understand that divorce is complicated enough without petty actions from a spouse. That is why we are committed to helping you fight for the best possible outcome for your situation. Contact us today to learn more.
