How to Close a Joint Account During a Divorce in Virginia
It is common practice in a marriage to have joint accounts. Credit cards and bank accounts are two examples where spouses may share the financial responsibility of a joint account. If you are getting divorced in the state of Virginia, it is prudent to close any open joint accounts. Although Virginia is not a community property state where spouses share individual debts, all joint accounts are the responsibility of both spouses. Most banks and credit card companies will allow either spouse to close an account and will issue documentation for the divorce records.
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Instructions
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Joint Credit Card Account
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1
Call the credit card company and request a freeze on the account. As long as the account is frozen no new charges can be made on it.
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2
Request the exact balance from the credit card company, then pay it off. After the balance is paid off, ask for the statement to be sent to your house to confirm the zero balance.
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3
Call the credit card company again and request to close the account. Make sure to ask for a letter verifying that the account has been closed.
Joint Bank Account
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4
Call the bank or visit a branch to verify the amount of money in the account.
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5
Withdraw the money from the account. Request a statement of the zero balance for your records.
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6
Close the account. You can close the joint account entirely or split the joint account into two separate individual accounts. The money from the joint account can then be divided into the two accounts for you and your spouse.
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