Tucson, AZ asked in Divorce for Arizona

Q: Can I close joint accounts if neither party is depositing funds into them. Accts are carrying near zero or neg balance.

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1 Lawyer Answer
Stephen M Vincent
Stephen M Vincent
Answered
  • Scottsdale, AZ
  • Licensed in Arizona

A: Yes, if no funds are going into them, it is OK to close and divide them. Just make sure you provide your spouse an accounting and provide your spouse half of what is in the accounts.

The concern of the Preliminary Injunction is to ensure that you don't transfer assets for the purpose of depriving your spouse his or her share of that property. As long as you take only half and give your spouse the other, it alleviates that concern.

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