VIC Joint Bank Account - Can I Withdraw After Divorce?

[Steward]

My ex wife and I have had a joint bank account since 2000 and we have had a divorce since 2 years ago. Both our salaries, income received from investment as well, went into that account. All expenses are being debited. My income is more than her by nearly 75%.

Can I withdraw any surplus in that account?

 

[Sophea]

Hi Steward,

Do you have a formalised property settlement yet? If not it is likely too late to apply to the court for direction on how your assets should be distributed between you and your ex, as parties are restricted from applying to the court for property settlements 12 months after the date of divorce.

Therefore it will be up to you both to negotiate the division of your assets including the bank account. You should come to an agreement with your ex wife as to how you will share this bank account. There are no hard and fast rules as to what you are entitled to, it is what you agree between yourselves - as far as I am aware.

 

[Steward]

Does it have any rules that exist to say that the money in the bank should be equally divided even my wages were more than her?

 

[Rod]

Do you have a formalised property settlement yet?

This needs answering. If yes, what does it say about the bank account?

And how much money have you put into since divorce and how much has your ex put in? If you are still putting money into the account, why?????

 

[Steward]

This needs answering. If yes, what does it say about the bank account?

And how much money have you put into since divorce and how much has your ex put in? If you are still putting money into the account, why?????

Property has already been done since last year.
We had a joint account since 2000 n i did withdraw $ 25,000 in 2009 when our relation started to get worst.
We separated n get divorce in August 2012.

 

[Sophea]

If you don't already have court orders or an agreement in place regarding how this bank account should be divided, then you should come to an agreement with your ex wife as to how you will split it. Does she have any expectations as to what she will receive from it? Does she need to care from children from you marriage? (this would obviously increase her living expenses)

It would be proper of you to refrain from withdrawing any surplus in this account until after you have agreed on how you will split it.