If I’m divorcing but have not filed yet and are selling our house, what should we do with the proceeds?

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If I’m divorcing but have not filed yet and are selling our house, what should we do with the proceeds?

It states that money will be wired to a joint account. Is this advisable or is there a better way to receive the money? I want to make sure that he cannot take all the money out of the account once it is deposited. The house is in both our names.

Asked on August 22, 2012 under Family Law, Colorado

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If the money is wired in to a joint account then both of you will have access to the entire amount of the funds and can with draw them.  I think that it is time for you to speak with ana ttorney on the matter and BEFORE the house closes.  The funds could be placed in to an escrow account held for the benefit of both of you but you need help now. How the money is to be divided could be decided by both of you in an agreement but you need advice in light of your other assets. Good luck.


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