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Withdrawing funds from joint accounts during a divorce

Women in Georgia getting a divorce might be wondering how they are going to pay for it, especially if they don't have any income of their own. They might be unsure about if and when they should withdraw funds from joint accounts that they share with their spouses. Many states have laws restricting couples from withdrawing funds from joint accounts after the divorce proceedings have begun. Therefore, when is it appropriate for women to withdraw funds and how much should they withdraw?

Some women may feel like they should withdraw 50 percent of the funds in their joint accounts since that is what they think they will be entitled to in a divorce settlement anyways. However, their husbands might have additional accounts that only have their names on them. Therefore, they might think that they should withdraw as much as they can to keep themselves from being cheated later on in the divorce proceedings.

According to divorce experts, knowing when and how much money to remove from joint accounts can be a tricky issue. It depends upon numerous factors, one of which is the personality of the spouse. For example, if one spouse removes funds from a joint account before filing for divorce, the other spouse could take that as a sign that the former spouse is planning divorce and then start hiding as many assets as possible. However, on the other hand, if divorce seems to be inevitable anyways, woman might want to secure as much financial support as they can to ensure they are protected throughout their divorces.

Divorce attorneys might be able to assist people with negotiating tough divorce issues like child support, alimony and division of property. They might also be able to help exes come to divorce agreements without as much contention as they would have had otherwise.

Source: Forbes, "When Can You Withdraw Funds From Joint Accounts?", Jeff Landers, September 17, 2013

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