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Closing joint bank or credit card accounts

On Behalf of | Aug 8, 2017 | Property Division |

If Pennsylvania residents want to close a joint bank account, they may be wise to get permission from the joint account holders. Good communication prior to closing the account may reduce the possibility of a misunderstanding as to where the money goes. When a couple has a joint account and decides to end their marriage, it will likely be necessary to split the money.

This is because money inside of a joint account belongs to both parties. In most cases, an individual will be required to close the account in person, but it may be possible to fax or email such a request to a bank or credit union. Closing the account is generally as easy as showing a valid photo ID and filling out a request form. If the account is used to pay any bills, it may be a good idea to cancel any payments that are pending.

It may also be a good idea to cancel any pending deposits as it could result in the account being reopened. If this happens, a bank could start to charge service and other fees again. To close a joint credit card account, it may be necessary to first pay off the existing balance. This may be done by transferring half of the balance to cards in each person’s own name.

During a divorce, marital property is generally divided in an equitable manner. This means that one person may get more of the money in that account depending on his or her financial needs and other factors. However, the decision does not necessarily have to be made by a judge. The parties are often able to negotiate a settlement with the help of their respective attorneys.