Joint Bank Account and Divorce.

tomkytes

Hi all,

When I was married I had a joint bank account with my former wife, the account had an overdraft facility of £6000. However, my wife withdrew £5000 from this account the very first day after we were legally divorced.

The bank statement clearly shows that this (£5000) money was transferred into her separate account which happens to be with the same bank as our original joint account.

Do I have to pay back the full amount to the bank or can I insist that the bank asks my ex to pay back half the money or maybe the full amount.

Your comments would be welcomed.

opinions4u

I think you should see a solicitor to resolve this.

What was the financial settlement linked to the divorce, and has she broken this?

If the bank choose to enforce the debt you are both individually liable for the full amount.

Failure to resolve it will wreck your credit rating.

tomkytes

Unfortunately, I’m not really in a position to pay more money out to solicitors, especially after having to pay the legal fees in getting a divorce.

Many thanks for replying to my post. cheers

jambosans

Like opinions4u has said you are both liable for the full amount if it is a joint account. The bank won't allow the account to be closed or a named party removed until the debt is cleared. I'm afraid, also, that it is very unlikely the bank will allow you to pay half of the debt and then chase your ex for the rest. It is a joint account so therefore any debt is in both names. Although solicitors may seem an expensive proposition, it may not cost as much or do as much damage as having the overdraft being recalled and your bank demanding repayment. Again as opinions4u has similary said it will destroy your credit rating.

Best of luck.

tomkytes

Many thanks for taking the time in replying to my post. It looks like its back to solicitors again. :cool:

Cheers