How can a married couple who wish to divorce end their financial partnership as a couple if they have a large ‘minus’ in their joint bank account, with no hope of covering it ?
By: דיאנה שאלתיאל•Published on: 12 May, 2022Where the joint, bank account which is marital property is in deficit (‘minus’) it can be divided upon divorce in two ways. The first way is to get the bank’s co-operation in splitting the bank account into two separate bank accounts, with each party being solely responsible for the debt in the account he or she holds, in relation to the bank. However, most banks will not agree to this, and prefer to have mutual liability of each party for the one, joint account, so that each party is liable both separately and individually for the debts in the account.