How to Split Bank Accounts

Breaking up is hard to do, and when you and your husband have joint bank accounts, you need to know the right way to split them. While som married people are opting to have separate bank accounts, there are many more married couples who have joint bank and investment accounts.

When you are getting divorced, you want to make sure that you protect your finances and ensure that you'll have money to get you through the divorce and beyond.

Your first step is to figure out exactly what accounts you and your husband have, whose name is on each of them, and what the accounts are used for. Maybe you have one joint checking account that is used to pay the monthly bills related to the home (mortgage, utilities, etc.). It might make sense to leave that account alone and continue to use it as you always have, since the house bills will still need to be paid during the divorce.

Next, set up a bank account that only has your name on it. You might even consider establishing this account at a different bank than the one you and your husband use. This gives you more protection and ensures that your husband isn't accidentally given access to the account.

Be aware that any bank or investment account that has both of your names on it could be drained at any time by either of you. Banks generally don't require permission of the other accountholder to take money out of the account. You could wake up one day to an empty bank account.

This is why it is important to consider taking some or all of the money in a joint account, and putting it in an account that has only your name on it. This is not "stealing," although your husband will likely say that it is. This is protecting money and ensuring that you'll have money to live on during the divorce. 

If you move money into a separate account, be prepared to fully account for all of that money during the divorce. You'll provide account statements that show where the money went and what it was spent on. This is not about hiding the money or being secretive. It is about protecting the money so your husband can't take it from you.

The biggest concern when splitting bank accounts is protecting yourself financially. Make sure you have access to funds as you enter into divorce and don't be left with an empty bank account.