How to Calculate Respective Shares of a Joint Savings Account
There are two types of joint savings accounts a person can hold: joint with rights of survivorship and joint tenants in common. Joint with rights of survivorship is common in marital estates where husband and wife equally own all the money in the account regardless of who puts the money in. A joint tenants in common savings account is more common in business relationships where one account owner, and more important his estate, owns a specified percentage of the account. Calculating the ownership upon liquidating a savings account is determined by the agreements set forth when the account was opened.
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Instructions
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Read the joint account's initial agreement. Banks are not responsible for maintaining the percentage split, but sometimes a note is placed in the account history designating the percentage of ownership each person has. If the bank does not do this, it is up to the savings account's owners to agree or have a written agreement designating the percentages.
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Assume the initial deposit to the savings account was $10,000 and you contributed $4,000 and your partner contributed $6,000. If no other agreement is made, your initial contribution defines your percentage ownership of the savings account. In this example, you own 40 percent.
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Use your percentage of ownership to determine your portion upon liquidation. If the account is now worth $25,000, you should get $10,000 upon liquidation. Should you die, your heirs are entitled to the $10,000, not the other account owner. This differs from a joint with rights of survivorship account, where all contributed assets immediately become the property of either owner.
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Tips & Warnings
When no proof is available, the bank will issue one check payable to both parties. You will need to cash the check together and determine between yourselves who is entitled to what.
