How do you handle joint finances during a divorce without making costly mistakes? Managing shared accounts and assets can be one of the trickiest parts of separating, and understanding the rules is essential to avoid unnecessary complications.
In his latest video blog, Partner Eric J. Broder breaks down the key considerations to help you stay on track and compliant throughout the process.
Can I Use a Joint Bank Account During a Divorce?
During a Connecticut divorce, you can use funds from a joint bank account, as long as your spending aligns with how you managed finances during the marriage. Routine expenses like bills, children’s needs, groceries, or gas are considered acceptable. However, Connecticut’s automatic orders prohibit unusual or extravagant spending, such as funding a luxury trip, as this could be held against you later. The advantage of a joint account during this process is the ability to monitor both your own and your spouse’s spending in real time, ensuring transparency and adherence to the rules.
Can I Use Joint Bank Accounts to Pay for My Attorney?
Joint bank accounts can be an important resource during a Connecticut divorce action, allowing funds to be used for legitimate purposes, such as day-to-day expenses and even attorney fees. While legal fees aren’t typically considered ordinary expenses, they are treated that way during the divorce process. It’s essential, however, to spend reasonably and within comparable limits to avoid scrutiny. If one party significantly outspends the other on legal costs, it may prompt a closer examination of whether those funds were appropriately used. Overall, joint accounts provide flexibility for covering necessary expenses during this challenging time.
Can I Sell a Joint Asset (a House) During My Divorce Case?
During a Connecticut divorce, selling a significant asset like a home isn’t straightforward. Even if the house is solely in your name, you cannot sell it without your spouse’s consent while the divorce is ongoing. This rule also applies to jointly owned properties, where both parties’ agreement is essential. Many people facing financial or maintenance challenges with their home wonder if they can sell it during this time, but the answer is no—unless both spouses agree.
Can a Judge Order That a Joint Asset Be Given to One Party?
When it comes to dividing assets during legal proceedings, the answer is straightforward—yes, assets can be divided or reassigned. Jointly held assets, like bank accounts or vacation homes, can be split or awarded entirely to one party by a judge. Interestingly, even assets held in one spouse’s name aren’t off-limits. Courts have the authority to order such assets to be transferred to the other spouse. For instance, a vacation home owned by one party could be reassigned to their spouse, or a bank account could be granted solely to one individual, regardless of whose name is on the account.
If you’re considering divorce, it’s highly advised that you seek experienced counsel. Contact us today to learn more about how we can assist you.
