Within a marriage, a couple’s finances are often intertwined. Many spouses choose to maintain joint accounts ot amange their daily expenses. However, these commingled funds present complex issues during a divorce and frequently become a point of contention. If your spouse has emptied a joint account, it’s essential to understand your rights. We recommend seeking guidance from an experienced Peoria Divorce Lawyer to navigate this situation.
What Should I Do if My Spouse Depleted Our Joint Account?
Discovering that a joint account has been depleted or closed can intensify an already stressful time. In such circumstances, the immediate priority is to secure legal representation. An attorney can assess the specifics of your situation and file an emergency motion with the court to protect your rights. Subsequently, it will be necessary to gather evidence substantiating the timing of the withdrawal relative to your split.
During this period, both parties may modify the account, which includes transferring a portion of funds, closing the account, or discontinuing direct deposits. However, all such decisions must be deliberated with legal counsel and meticulously documented to preclude any allegations of financial impropriety.
Will My Spouse Face Consequences?
A spouse who depletes a joint marital bank account without justifiable cause will face severe consequences. A judge will likely deem the intentional and knowing concealment or dissipation of marital assets fraudulent, leading to the imposition of penalties upon the culpable spouse. This holds particularly true if a Temporary Restraining Order (TRO) is in effect, restricting or prohibiting withdrawals by either party.
It’s important to understand the concept of equitable distribution in Illinois divorce proceedings. The state considers most assets acquired during the marriage to be jointly owned by both spouses, regardless of whose name is on the account or who earned the money. Funds that are deposited into a joint account during the marriage are generally considered marital property and are thus subject to division during divorce. This implies that both spouses fundamentally possess an equal claim to the money within joint accounts. Depleting legally entitled funds incurs harsh penalties.
When a spouse unilaterally deploys a joint account without justifiable cause, a court can mandate restitution of the funds. This repayment could manifest through increased alimony obligations, an order to cover the other spouse’s legal expenses, or the allocation of a larger share of marital assets during property division. Furthermore, if a court order specifically prohibited such withdrawals and was subsequently violated, the offending spouse could face contempt of court charges. In egregious instances of fraud, criminal charges may also be initiated.
As you can see, if a spouse illicitly empties a joint account, immediate action is paramount. Prompt consultation with a resolute attorney is advisable to ascertain available legal avenues. At Butler, Giraudo & Meister, P.C., we are prepared to advocate for a favorable resolution. We encourage you to contact our firm today to discover how we can effectively safeguard your interests.
