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What happens to joint bank account after divorce?

If you decide to divorce - and you have a joint thinkmoney Personal Account in both your names – you'll have to reach an agreement on what to do with it.

"I can only ever spend money that is spare - bills are always paid and I don't have to worry about anything."

Here are your options…

You could keep the account -
if you have on-going joint commitments (like children or a mortgage) this may be a practical solution.

You and your partner will both be able to withdraw money from the account, without the other person's consent, until you tell us that things are changing.

If you can't agree on how to split the funds in your account, you might have to go to court to obtain an order which will detail how your finances should be split.

If you would like more information, please call 0161 672 8910

You could close the joint account -
to do this, you will need to contact us and ask to close the account (we may freeze it first).

And make sure any Direct Debits or standing orders you both have in place are cancelled or rearranged.

Remember, both you and your partner are responsible for any debts and financial agreements you have together. So it's important that you and your partner agree on how you'll deal with any debts you still have together.

If you don't, you could risk damaging your credit rating and facing other financial problems.

Based on Feefo.com reviews - 94% of customers who left a thinkmoney review recommend us with an average rating of 4.7 out of 5 from 10252 reviews left by thinkmoney customers (as of May, 2016)

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