During divorce, when can funds be accessed?
Despite having made significant advances within the workplace, women often remain less financially empowered within their marriage, as compared to men. Even women within affluent Nevada families often have little knowledge of the nature of the family finances. While this may be a workable scenario during the course of a marriage, when a relationship ends in divorce it leaves the wife at a significant disadvantage.
One common concern shared by women who are preparing to divorce is their ability to access family funds held in various accounts. In general, each spouse is entitled to half of the value of all money held in a jointly titled account. This means that it is perfectly acceptable to withdraw funds from a shared account to cover expenses incurred while a divorce is underway.
Access to other accounts can be far more difficult, especially those that are held solely in the name of the other spouse. In addition, many spouses take steps to restrict their partner’s access when they learn that divorce is on the table. This can leave one without the financial means to secure alternative housing, pay for living expenses or hire a legal team to represent their interests during the divorce.
Spouses who fear that they may encounter these types of difficulties should make an effort to gain a comprehensive understanding of their rights under Nevada law. Having a solid strategy in place before filing for divorce can greatly improve one’s chances of reaching a favorable outcome. In addition, being able to plan and fund for the time period needed to end a marriage can greatly reduce the stress and anxiety that can accompany the divorce process.
Source: Forbes, Divorcing Women: When Can You Withdraw Funds From Joint Accounts?, Jeff Landers, Sept. 17, 2013