Joint Bank Accounts & Child Support
In matters of Family Court, solutions to child support can have quite a bit of flexibility to them, as long as they are agreed upon in writing and approved by the court. One emerging trend in families that divorce and have children is deciding to set up a joint account where the spouse providing support can pay into the joint account, which can then be used for the children’s needs. Managing these accounts with your ex makes it essential to communicate and come to an agreement before discrepancies can arise. Expert Centennial divorce lawyers at Walker Wright & Associates are here to help.
As we all know, sometimes discrepancies do arise. For example, should you, the child support paying partner, need to prove support amounts you have paid, it can be harder to do so when you have a history of depositing cash into a joint account, rather than transferring that money from another account. In the latter circumstance, the trail of payment is much simpler to prove.
A benefit of the joint account for child support is that both parents can have access to using the funding, if it is in the agreement. That means not only can the account be readily accessible by the parent receiving the child support, but the parent giving support can also use the funds for agreed upon expenses of the children. Just keep in mind what is decided in Family Court must be followed in terms of how the account is handled.
If the joint account in question is not shared between you and your ex-spouse, but a new partner, and you are expecting to receive a court ordered garnishment of a bank account, this account with your new partner could receive the garnishment. It could also be levied for back pay of child support. An account under a new partner or spouse’s name alone will not. Similarly, only bank accounts in your name can receive a levy for child support. If you and your new partner or spouse do have a joint account, it may be possible to protect their assets in this account with the right paperwork done in a timely fashion.
Family Court is an arena of matters that hit close to home, and we know the decisions made here could affect your family for a long time to come. Joint accounts in child support have yet to provide a real precedent for how they may affect custody cases, so contact your Centennial Divorce Lawyers at Walker Wright & Associates today and discover your best options.