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Closing a joint bank account

Property division can be a contentious divorce issue. Couples in Missouri who are getting a divorce and have a joint checking or saving account should know how to close a joint bank account, and if need be, without the permission of other owners of the account.

Typically, banks will require that an account holder come to the bank to close an account in person. Even though it may not be necessary to have all joint account holders present to close the account, having them there may quicken the process and can help avoid any confusion about what will happen to the proceeds of the account.

When closing an account in person, the account holders should have verification of their identity, like a valid photo ID. They will also be required to complete a form requesting the closure of the account.

A mailed or faxed request to close accounts is allowed by many credit unions and banks. For online banks, holders of a joint account may be required to provide their individual login information. If possible, couples should try to separate the funds in the joint accounts before they close it. This can help avoid any mix-ups.

For couples getting a divorce, it is necessary to plan for the division of their assets and liabilities. If a couple is unable to come to an agreement about the division of their assets, a court will have to determine which assets should be classified as marital or separate.

A family law attorney may work to protect the rights and interest of clients when resolving divorces issues, including property division. The attorney may consider the financial goals and assets of a client and may advise of which assets the client should keep. The attorney may also engage in litigation or negotiation to obtain favorable settlement terms.

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