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Accounting for money taken from a joint account

If a New York spouse took money out of a joint account and put it into another account in his or her name only, the money may still be considered marital property. Even if that were not the case, a judge would likely not let the person keep all of that money. However, it may mean that the person is looking to get a divorce or is otherwise not invested in the marriage.

It could also mean that a spouse is protecting joint funds from being mismanaged. Those who like to spend money or who have poor luck with investments in the past may put the family finances in jeopardy. Ultimately, those who are concerned about a spouse making a decision unilaterally may be to talk with an attorney. It may also be a good idea to talk with the bank where the account was established.

In some cases, it may be possible to freeze the new account and have the funds placed back into the original joint account that it came from. It should be noted that getting money back after it has been withdrawn from an account may be difficult regardless of the circumstances. If the money is retrieved, it may be wise to set up a new account where both parties must consent before money is withdrawn.

In most cases, money that is taken out of a joint account is considered marital property. This means that it may be subject to property division rules in the event that a couple gets a divorce. Therefore, even if a spouse takes money out of a joint account and puts it into an account in just his or her name, that may not change the status of those funds when the judge makes the decision.

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Trotto Law Firm, P.C.
1100 Long Pond Road
Suite 214
Rochester, NY 14626

Phone: 585-484-9970
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Rochester, NY 14618

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