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What to do to close a joint account

Nevada couples who are planning to go their separate ways may have checking or savings accounts that they share with each other. In order to close the joint account, there are certain actions they may have to take.

Joint accounts can be shared by not only couples, but also relatives and business associates. It is not always necessary to have the consent of the other account holders in order to close the account. Banks typically require that an account holder closes an account in person. Even though all members of an account are not required to be there, having them present may hasten the process and eliminate confusion about what will happen to the assets. Banks will require proof of identification, like a photo ID. The account holder will have to complete a form that requests the closure of the joint bank account.

Numerous credit unions and banks will permit account holders to mail or fax in a closure request. For people who have online bank accounts, all of the members of the account may be required to submit their personal login information in order to have the account closed. If a divorcing couple is unable to come to a resolution as to how the funds will be divided, it will be left to the court to make that determination.

This is a part of the property division phase of a divorce that is often overlooked, but it can be crucial. In many cases, a divorcing couple along with their respective attorneys will be able to negotiate an agreement that covers the proceeds of joint bank accounts along with other assets.

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