What Happens To Joint Accounts During A Fort Lauderdale Divorce?

Spouses often share joint financial accounts. If you are getting a divorce in Fort Lauderdale, you may be wondering what happens to that money. Do the funds get divided between you and your spouse? What if they end up draining the account first? Should you withdraw the money instead?

You need clear answers to these questions, as any actions you take could impact your rights in court. Our experienced Fort Lauderdale divorce attorney explains how Florida law treats joint accounts and the steps you can take to protect yourself and your financial interests.

How Florida Law Treats Joint Accounts in a Broward County Divorce

When filing for a Fort Lauderdale divorce, one of the biggest concerns is getting what you are entitled to in a settlement. Under the Florida Statutes Section 61.075, marital property is subject to equitable division.

That means that assets accumulated during your marriage, including funds held in joint bank accounts, are divided fairly between spouses, though not necessarily on a 50/50 basis. Here’s what you need to know about financial accounts:

• Both spouses have legal access to joint accounts and can technically withdraw funds at any time.
• An automatic temporary injunction is issued in Florida divorce cases and restricts making large withdrawals, transferring funds, and hiding assets.
• If marital funds were routinely deposited into an account held in only one spouse’s name, a court may still classify those funds as marital property.
• If your spouse emptied an account shortly before filing, you can file a claim for dissipation of marital assets.

Even if you have concerns about your spouse’s spending, closing a shared account without a court order or a written agreement may be viewed by the Broward County family court as a bad-faith action.

How to Protect Your Financial Interests in a Fort Lauderdale Divorce

Florida courts expect both spouses to preserve marital assets during the divorce process, and judges take violations seriously. When dealing with joint accounts, take these steps to protect your financial security:

• Open an individual bank account and redirect your income to it.
• Take a screenshot or printed statement of all joint account balances as of the date you filed for divorce.
• Avoid large purchases or withdrawals from any joint account.
• Consult an experienced Fort Lauderdale divorce attorney if you suspect your spouse is moving or hiding money.

Taking these steps now protects your rights and helps in getting what you are entitled to in a divorce settlement or final order.

Consult Our Experienced Fort Lauderdale Divorce Attorney

Joint accounts are a common source of contention in Broward County divorce cases. Whether you are concerned about protecting your access to funds, uncovering hidden assets, or ensuring a fair division, the Law Office of Sandra Bonfiglio, P.A. is here to help.

We provide trusted legal guidance and professional support throughout your divorce proceedings, helping you get what you are entitled to in a settlement. Call or contact our office online today to request a consultation with an experienced Fort Lauderdale divorce attorney.

Sources:

flsenate.gov/Laws/Statutes/2024/61.075

supremecourt.flcourts.gov/content/download/345287/file/01-2344_rule.pdf