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Closing joint checking account in divorce requires planning

Ending a New Jersey marriage is a process that entails careful financial planning. A divorce from a spouse also requires a divorce from a joint checking account, and even this must not be rushed. It is suggested that each spouse opens a personal checking account before the joint account is closed. This can help to ensure the smooth running of separate finances before the divorce is finalized.

Before closing a joint account, automatic payments must be modified to go from the relevant personal account of the one who will accept the responsibility for specific payments. Doing so will prevent additional fees and charges if payments are rejected for being posted against a closed account. Similarly, account holders must ensure no deposits are made to the old joint account after it is closed because that can cause its reactivation -- complete with the related costs and fees.

Once all automatic debits and deposits go through the appropriate checking accounts, and all runs smoothly, it may be the right time to close the joint account. Doing this together may be wise as each party can ensure that the balance in the old account is fairly divided. Each spouse can also see that his or her part of the money is relocated into the correct personal checking account.

Attending to the closing of joint accounts in a divorce is but one of the issues to include in financial planning during this time. Many New Jersey people who are considering divorce seek the support of experienced family law attorneys to guide them through the proceedings. With the valuable input of a seasoned lawyer, divorcing spouses may be less inclined to leave important matters unaddressed that can jeopardize their future financial stability.

Source: nerdwallet.com, "How to Divorce Your Joint Checking Account", Margarette Burnette, Accessed on Oct. 7, 2016

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