What if my ex took money from my joint account?
If one spouse does take all the funds from a joint bank account or more than they would likely be awarded for equitable distribution, the other spouse should seek immediate legal protection. If there are no other significant assets, the spouse who took the money may spend it – making it hard to recoup what they took.
If the funds in your joint bank account are considered separate property and owned exclusively by your spouse, they may legally be able to drain the account. Similarly, even if the account is community property, a spouse may be able to withdraw money for reasonable living expenses, legal fees, and children's expenses.
Each account owner can get a debit card, write checks and make purchases. Both account holders can also add funds or withdraw them from the account. The money in joint accounts belongs to both owners. Either person can withdraw or spend the money at will — even if they weren't the one to deposit the funds.
When one account owner withdraws or spends joint account funds without the joint owner's knowledge or consent, he may be liable to the owner for misusing those funds.
You can take the issue to small claims court and pursue legal action if it falls between the minimum and maximum money thresholds under court rules. You may want to get legal advice from an attorney with experience in collections matters. They may be able to help you decide if you have a civil case worth pursuing.
If he is going to claim you owe him money, he would have to show there was an agreement to repay. If not, a Judge is going to see that he is now claiming and asking for this because you broke up but he would not be entitled to anything, when it was a gift and belongs to you.
You and your spouse technically have equal rights to an account that's in both of your names. If you're in the process of getting a divorce, you typically don't have the right to take that money for yourself and run off with it.
As married couples with a few years under their belt and those who have loved and lost know, marriage carries a few more sobering realities as well. Marriage brings certain legal implications with respect to property, money, and debt. Being legally married means your spouse's income (and debt) are now yours.
You can switch both sole accounts and joint accounts into a joint account. Ensure your new account is in joint names before completing your switch. You can't switch a joint account into a sole account until the second party has been removed from the account.
Joint accounts are common between spouses and civil partners. While they are both alive, interest from a joint bank account is normally taxed 50/50 as they are treated as owning the funds in equal shares.
Can a parent take money out of a joint account?
Both you and your parent can withdraw the cash without the other's permission. So, you need to be able to trust each other to manage the money in the account responsibly. To have a joint bank account, your parent could add you as a joint owner to an existing account.
Yes, joint ownership of an account overrides a Will. The joint ownership will be effective over and supersede any directions in your Last Will and Testament regarding a specific account and how those assets are divided.
Joint Accounts Complicate Taxes, Divorce, and Benefits
Also any withdrawals exceeding $14,000 per year by a joint account holder (other than your spouse) may be treated as a gift by the IRS. This may subject you to gift tax. If joint account holders are married, divorce can change how your joint account is handled.
Each holder has the right to deposit, withdraw, and manage the funds in the bank account. While some joint savings bank accounts allow just the primary holder the liberty for bank transactions, that does not mean the secondary holders have no rights.
Most joint accounts are protected by the Financial Services Compensation Scheme (FSCS).
Resolving it privately is often one of the best ways of trying to get your funds back without spending more of your money. Many people fear these conversations, and sometimes they are worried that difficult conversations, such as the one you've had, might see them losing their money forever.
- Intentional extreme and outrageous conduct.
- Causation.
- Severe emotional distress and possible bodily harm.
- Send a Demand Letter.
- Can You Go to The Police If Someone Owes You Money?
- Using Empathy As a Way of Getting Paid Back.
- Ask For Repayment Directly.
- Offer a Payment Plan.
- Brainstorm Together Other Creative Ways to Get Paid Back.
- Think About Going to Mediation.
- When All Else Fails, Consider Going to Small Claims Court.
Assault, abuse, threats, and even stalking are considered punishable criminal offenses. If you are being subjected to one of these forms of harassment, report your ex to the authorities immediately. They will keep an eye on your ex and even issue a restraining order.
Unless they are actually liable for some independent harm, they cannot be sued for simply engaging in a romantic affair with a married person. The spouse who cheated would typically be the defendant in any divorce case, not the person they had an affair with.
Can my ex sue me for cheating?
Unfortunately, only a handful of states still recognize this type of lawsuit, and California is not one of them.
Each party has the right to deposit funds, make decisions regarding the account, and withdraw money. If you are in the process of divorce, you and your spouse each have a legal right to empty the account. However, doing so is probably unwise.
Freeze All Joint Bank Accounts
If you have money in joint checking, transfer half the funds into a separate account and reroute your direct deposits to your new account.
However, it's important to understand that even if one spouse is the ONLY contributor to a bank account, joint accounts are community property in a marriage, automatically entitling a spouse to half of the funds, regardless of whether or not they contributed to the account.
A judge may issue sanctions and require the spouse who is found to have hidden assets to pay the other's legal fees. The judge can even grant higher alimony payments. In some cases, a person found to have hidden assets during a divorce may face criminal charges for fraud.
References
- https://getcarefull.com/articles/should-i-open-a-joint-bank-account-with-my-aging-parent
- https://www.findlaw.com/litigation/filing-a-lawsuit/can-i-sue-my-ex-for-emotional-distress-.html
- https://www.findlaw.com/family/marriage/marriage-money-property.html
- https://www.wikihow.com/Handle-an-Ex-Who-Harasses-You
- https://www.fool.com/the-ascent/banks/articles/getting-divorced-heres-what-happens-to-your-joint-bank-account/
- https://www.moneyhelper.org.uk/en/everyday-money/banking/joint-accounts
- https://www.jlegal.org/blog/can-you-sue-someone-for-cheating-on-you/
- https://www.findlaw.com/litigation/going-to-court/can-i-sue-someone-who-owes-me-money-.html
- https://whlawoffices.com/blog/joint-bank-account-override-a-will/
- https://blakeharrislaw.com/blog/how-to-protect-your-money-during-divorce
- https://www.valuepenguin.com/banking/joint-bank-account-rules
- https://www.peopleclerk.com/post/someone-owes-me-money
- https://www.kotak.com/en/stories-in-focus/accounts-deposits/savings-account/understanding-the-rules-and-functioning-of-joint-bank-accounts.html
- https://www.boodlehatfield.com/articles/joint-accounts-whose-money-is-it/
- https://www.bankrate.com/banking/what-is-a-joint-bank-account/
- https://www.lpeplaw.com/can-i-sue-my-spouse-for-cheating-on-me/
- https://youngblood-law.com/can-my-spouse-drain-our-joint-account-during-divorce/
- https://www.fool.com/the-ascent/banks/articles/heres-what-happens-to-your-joint-bank-account-when-you-get-divorced/
- https://www.charlesullman.com/do-not-hide-your-assets-in-a-divorce
- https://www.lloydsbank.com/current-accounts/all-accounts/joint-account.html
- https://www.californiafamilylawgroup.com/how-to-handle-joint-bank-accounts-in-a-california-divorce/
- https://www.justanswer.com/law/hro70-ex-threatening-sue-money-supposedly-owe.html
- https://millermonroelaw.com/2019/12/misuse-of-joint-bank-accounts-by-a-family-member/
- https://www.stuff.co.nz/business/money/300718014/qa-whats-the-best-way-to-get-money-back-from-your-ex
