(979) 324.8179
Location
Contact
Menu
Tracy Stewart, CPA
  • (979) 324-8179
  • (979) 324-8179
  • Location
  • Contact
  • Menu

Tracy Stewart, CPA

Just another WordPress site

  • (979) 324-8179
  • (979) 324-8179
  • Location
  • Contact
  • Menu

Peace of mind through financial clarity.

Allocating Cash to Pay Expenses

March 5, 2009 by Tracy Leave a Comment

During divorce proceedings, bills still have to be paid, but the lines become blurred over which bank accounts are going to absorb those expenses.
There are a few options here:
1. Retain a joint bank account into which the paychecks are deposited and the bills are shared.
2. Have separate bank accounts with some amount of money being deposited to each account every month and pay bills separately.
3. Cash out savings accounts or investment accounts to fund each spouse’s checking account. This division is taken into account in the overall property division.

I have seen each method work depending upon the spouses’ relationship and personalities. I have also seen each method cause problems. Sometimes one spouse wants to maintain control of the money and the spending. This is prevalent when that spouse has historically played this role. However, doing this may evolve into the situation where the non-money spouse treats the source of funds as a deep pocket without limits. Again, results depend upon personalities and communication.

Filed Under: Living Expenses Tagged With: cash, expenses

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Contact Tracy

Thanks for all the help, advice and encouragement. It's a real pleasure learning from an informed, honest and caring person. I sleep so much better at night. Thank you for everything!
L.B.

Our Location

Rate, Review and Explore

  • Google
  • LinkedIn
  • YouTube

©2023 Tracy Stewart CPA, PLLC · Site by Hero House Creative

Contact Tracy Stewart CPA

More contact info

Menu
  • (979) 324-8179
  • Home
  • About Tracy
  • Elder Financial Planning
  • Divorce Finance
  • Financial Forensics
  • Articles and Resources
  • Blog

Location and Hours

Open Today 8:00am - 5:00pm