What Happens to Joint Bank Accounts during a Divorce?

Georgia is an equitable distribution state when dividing marital property in a divorce. Georgia courts strongly presume that the contents of joint bank accounts are marital property, meaning the funds must be divided fairly between the divorcing spouses.

Because the financial terms associated with divorce tend to become very complicated very quickly, you shouldn’t wait to consult with our experienced Cumming property division attorneys at Banks, Stubbs & McFarland.

Your Cumming Divorce Case

While exacting state laws apply to every property division case in Georgia, your case will be specific to you. You’ll file your divorce case with the Clerk of the Superior Court of Forsyth County, and the Forsyth County Superior Court will handle it.

Marital vs. Separate Property

Virtually anything that you, your spouse, or the two of you acquired together over the course of your marriage is considered marital property. The few separate assets that are exceptions to this rule include the following:

• A gift or inheritance that either spouse received in their name alone
• Purchases made with separate funds
• The pain and suffering component of either spouse’s personal injury settlement

Note: property that you brought into the marriage is NOT marital property, unless you make it marital property by titling it in both spouses’ names. This includes retirement, real estate, and banking accounts.

When separate assets are commingled with marital assets, the dividing line between them weakens. Once assets are held in a joint account, proving separate status becomes that much more challenging.

The Process of Dividing Joint Accounts in Divorce

Georgia courts require both divorcing parties to fully disclose all assets, including joint and separate bank accounts. In the mandatory 30-day waiting period following your divorce filing, you and your spouse must provide each other with comprehensive financial information.

Several issues are closely tied to these disputes.

Classification

It’s not uncommon for spouses to disagree about whether certain assets are marital or separate. It’s important to know, however, that the spouse who claims an asset is separate in nature shoulders the burden of proving it. And when joint accounts have been commingled over many years, the bar is high.

Tax Implications

Tax laws are ever-evolving, which makes the tax implications of property division in divorce as important as they are complicated.

Hidden Assets

Any attempt to cheat one’s spouse out of their fair share of marital property is a red flag for the presiding court. Such practices include hiding, giving away, and spending down marital assets. The bottom line in dividing marital property in divorce is that the split must be fair given the circumstances. And financial shenanigans can support a lopsided division.

Reach Out to Our Experienced Cumming, GA, Property Division Lawyers Today

Our well-respected Cumming, GA, property division attorneys at Banks, Stubbs & McFarland recognize the financial significance of a fair property division in your divorce, and we have the legal skills and drive to help safeguard your rights. Don’t delay contacting us online or giving our firm a call at 770-887-1209 for more information today.