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Joint Account Owner Wants Personal Account

I am a primary owner of a bank account with my parents. I want to withdraw the money and put it under my name as sole owner. Would it create any problem if they file for divorce?

Untitled

There doesn't seem to be a connection between your plan to withdraw the funds and set up your own individual account, and your parents' marital status. However, if your parents were to file for divorce, one important variable will be their respective assets. Depending on the law in your state, the funds in the joint account could get pulled into the divorce settlement. That probably would not be the case if you had already closed the account and put the funds in your own name. You may be smart to contact an attorney for a more definite answer.

Published on BankingQuestions.com 11/06/08