Analyze joint bank and investment account terms for survivorship rights, joint liability, and what happens in separation or death.
Sharing an account means sharing liability. Understand the risks before combining finances.
Both account holders are fully liable for overdrafts, debts, and fees—not just half. If one person overdraws, both are on the hook.
Either party can typically withdraw 100% of funds without the other's consent. One signature = full access.
Most joint accounts have "right of survivorship"—funds pass to survivor outside of will. But some don't, creating probate issues.
If one owner has a judgment against them, creditors may be able to seize entire joint account balance—not just half.
Joint account doesn't automatically split 50/50 in divorce. One party can drain account before settlement.
You typically cannot remove a joint owner without their consent. May need to close account entirely and open a new one.
Paste the account agreement to understand shared rights and risks.