Legally separated...

rafikiphoto

If my wife and I become legally separated in an amicable arrangement will UK banks (First Direct in particular) allow us to keep our joint current account?

Emmia

They should do, but you'll still be financially associated as a result.

If you're separating permanently then closing the joint account is probably something that will need to happen in due course, as you move on with your separate lives 

FlorayG

You can have a joint account with anyone. I used to have one with my mother and we lived at different addresses

Watty1

Yes, but, we had an amicable separation until it was not.    Then an overdraft occurred and then the ex refused to deal with First Direct so they harassed me.   I use the word harassment because that is what it was.  Really unpleasant with threats to call in debt collectors etc and almost daily calls at one point (over less than £500).   I would have paid it all but I didn't have it because the ex had run up a lot of bills elsewhere.

So:  in short yes you can do it but both parties should have a written dated and signed agreement of what any joint accounts are to be used for and how they will be funded and what will happen if one of you does not meet your obligations. It is so much better to do this whilst things are amicable. If either of you think this is "unnecessary" or are unwilling things may not remain as amicable as you think and protection for both of you is important.

rafikiphoto

Watty1 said:

Yes, but, we had an amicable separation until it was not.    Then an overdraft occurred and then the ex refused to deal with First Direct so they harassed me.   I use the word harassment because that is what it was.  Really unpleasant with threats to call in debt collectors etc and almost daily calls at one point (over less than £500).   I would have paid it all but I didn't have it because the ex had run up a lot of bills elsewhere.

So:  in short yes you can do it but both parties should have a written dated and signed agreement of what any joint accounts are to be used for and how they will be funded and what will happen if one of you does not meet your obligations. It is so much better to do this whilst things are amicable. If either of you think this is "unnecessary" or are unwilling things may not remain as amicable as you think and protection for both of you is important.

Thanks for the heads-up. Sorry for your troubles. I can see how my amicable arrangement could turn less so, especially if a third party becomes involved and influences. A salutory warning. Thanks again.

prowla

Best to separate the finances and remain amicable.

DullGreyGuy

Just as long as you remember that each of you own/owe whatever money is in it or owed to it in full not 50/50. So you could put £10k in to make a big payment off the mortgage and if they get there first they could withdraw it all and more to leave a £1k overdraft instead which the bank may chase you for in full. 

Some amicable breaks remain so and if you do have joint liabilities that you're both still contributing to a joint account may seem a sensible approach else if you were sending them the money for your half the mortgage they may be spending it on their new partner rather than the mortgage and you still will be chased for the full mortgage payment. 

Many that start amicable dont stay that way when new lovers are on the scene or disagreements start happening on how to separate assets etc. 

bigstevex

Assuming you have a financial consent order being drawn up for divorce, as part of this you severe all financial links.  If you don't then you're not really complying with the reason you have a financial order which is there to prevent future claims.  We were going to keep a life insurance policy but solicitor advised against it as it's still a financial tie that's not a part of the financial consent order etc.

Amicable now yes... but in 6 months.. maybe not as others say.  First thing that myself and ex wife did during divorce was to get rid of the joint account and maintain our independent bank accounts, much cleaner way to move forward with each of your lives.

Just get a clean break.

Fyi one of you can keep the joint account usually and just remove one of you from it, this is what we did with ours as ex wanted to keep the insurance benefits etc on the account.