When to Use the Provision

If the parties will have joint accounts after the divorce is over, there should be an enforceable deadline for when the parties will have to close the accounts, as bank accounts can be overdrawn, which can result in liability to an ex-spouse by the other ex-spouse.

Provision to Close Joint Accounts

IT IS ORDERED that within 7 days of the date of this divorce, JOE SMITH and JANE DOE will take all necessary actions to close the joint account(s) of the parties, including making necessary appearances at the associated financial institution, signing necessary documents, and/or submitting necessary forms.  IT IS ORDERED that if either spouse removes any funds from a joint account, which the other spouse is awarded as in accordance with this decree, that the spouse having removed the funds shall be designated as the trustee for the non-receiving spouse until such time as the funds are properly distributed.