In recent years, surveys have suggested that almost 60% of married Canadian couples have joint bank accounts. If you and your spouse share one and plan to separate soon, you should be extra careful when withdrawing funds from it. You should also proceed with caution if you keep your finances separate or have personal accounts in addition to a joint one and find out the answer to the question, “Can I withdraw money from my personal account before a divorce?”
By taking this step, you can prevent legal headaches from popping up during the divorce process. Continue reading to see how you should handle withdrawing funds from your bank account throughout this process.
You May Withdraw Money From Your Personal Account Before a Divorce
The simple answer to “Can I withdraw money from my personal account before a divorce?” is “Yes.” Nothing will stop you from removing funds from a personal account, or even a joint one, for that matter, in the time leading up to your legal proceedings.
However, you should be aware that withdrawing cash could raise red flags, especially if it’s a significant amount. Generally speaking, you and your spouse should strive to maintain the status quo while going through a split to avoid any unforeseen hiccups during legal proceedings.
You Should Not Withdraw Money and Try To Hide It
While withdrawing funding from a personal account when divorcing your spouse is allowed, you cannot withdraw it to hide it from your spouse. If you attempt this, you might face harsh legal consequences, enabling your spouse to gain an edge over you in court.
British Columbia considers all marital assets during property division. If you try to hide any of them, this decision could greatly impact your divorce settlement.
Even if you signed a prenuptial agreement to provide your funds with asset protection in the event of a breakup, it’s still wise to abstain from making large withdrawals. You don’t want to give anyone the wrong idea.
You Must Prepare To Disclose the Nature of Your Withdrawals
Financial disclosures will be paramount if you withdraw money from your personal account while divorcing your spouse. You must let those involved in your case know that you made certain withdrawals and disclose what they were for to sidestep potential legal ramifications.
By disclosing these withdrawals, you might steer clear of being questioned about them extensively by the legal team for your soon-to-be ex-spouse. You will also give the judge in your case the impression that you’re operating in good faith and not trying to purposely mislead or deceive anyone.
You Should Ask Your Lawyer About Withdrawing Funds From a Bank Account
“Can I withdraw money from my personal account before a divorce?” is one of the many questions you should pose to your lawyer while your case is ongoing. They will offer additional insight into what you can and cannot do with your funds during divorce proceedings.
They will also explain how the property division process will play out while describing how a judge will view the marital assets involved in your case. This will clear up any lingering confusion you might experience.
Contact Us To Ensure You Manage Money and Other Assets Properly During a Divorce
“Can I withdraw money from my personal account before a divorce?” is one of the many questions you will have while divorcing your spouse. Pier Law & Mediation will answer this and any other questions that come up.
Call us at 604-560-8285 or fill out this form to speak with a trusted attorney.
