The Betz Law Firm helps individuals across St. Louis take practical steps to protect their financial interests from the earliest stages of a divorce.
If you are going through a divorce in St. Louis, one of the first practical concerns is often what happens to shared bank accounts, credit cards, and other joint assets. Acting quickly and carefully can help protect your financial position while your case moves forward. Below is an overview of the main account types and how they are typically handled.
David Betz was great to work with. He was patient, listened carefully, and was able to make non-biased, rational recommendations that both parties would agree to. I could tell he has a lot of mediation experience as he cut right through the emotional vomit and laid out the facts. His wisdom greatly expedited a resolution to my case and avoided a costly trial. I would highly recommend the Betz Law Firm to anyone seeking a sensible, professional mediation experience.
Unfortunately, I found myself in a difficult situation and in need of mediation; Mr. Betz stepped up with only a moments notice. My previous experience with mediation was horrific, and I was very pleasantly surprised by the experience with Mr. Betz. His calm demeanor and efficiency was greatly appreciated, not to mention his willingness to step into an unknown situation and make it better, so very thankful.
I experienced a very difficult divorce process 6 years ago. There's no need to get into the details, but calling it difficult is quite an understatement. My now former spouse had unlimited funds for attorney's fees, and I did not. The whole process took 20 months from start to finish.
My primary concern was for the future of both children. David made his decisions on facts and what he believed to be best for the kids. He did an incredible job of remaining objective amidst all the distractions and what I'll call the antics of the other three attorneys, yes, three attorneys employed by the opposing side at different times during the 20 months.
David's recommendations to the judge never wavered from what was best for the kids. I am writing this review now because I can definitely state that David's recommendations were what was best for the kids. The kids are now 17 and 15, and they are thriving. Yes, I did my part as a parent, but I would never have had the chance to do so without the intelligence and integrity of David. He has the right combination of life experience, courage, and intelligence to earn the trust of anyone representing their children. I cannot say enough good things about David's commitment to being an exemplary GAL.
I will close by saying that I am a paramedic and have been for a long time. Paramedics judge each other on whether we would want a particular paramedic working on our children in an emergency. Using that benchmark, I trust David to work on behalf of my kids, and if you have the opportunity to have David represent your children, you can trust him to advocate for the most vulnerable individuals in a divorce who need protection the most.
I contacted the Betz Law Firm to handle changing my name this year.
The firm was very professional and returned my inquiry quickly. I worked with Debbye and she handled everything with accuracy and kindness.
Everything was handled quickly and easily. Debbye displayed her excellent knowledge of the process as she walked me through everything. Overall, they took great care of me. Truly a white glove experience! I cannot recommend Betz highly enough and will be back to any future legal needs.
Attorney David Betz was appointed Guardian ad Litem to represent my minor child during a highly contested divorce proceeding. Attorney Betz developed a structured and safe plan during the proceeding and recommended a final arrangement that was in the best interest of my minor child to keep him protected and ensure his safety.
David was very helpful and respectful all around. He took the time to hear my Son’s concerns and made him feel comfortable sharing these concerns. He was always on time and ready to handle our case, always prepared. I appreciate that, to me it shows that he really does care about the families he’s helping. I highly recommend him if you are considering a GAL for your case.
I appreciate Mr. Betz taking the time and effort to get to know everyone, especially including by being a part of depositions, and helping to facilitate an opportunity for us to move forward amicably in a co-parenting dynamic. I would recommend him.
I have known David for many years, working on cases and outside of work. He is a fantastic advocate, has high standards, is well respected and sticks to his principles. He gets the struggles parents can face raising kids these days. I really admire his courage and how he fights to make a positive difference in people's lives, especially for his clients.
The Betz law firm did an amazing and efficient job executing on my non-contested divorce. My ex drug his feet and the law firm kept on him and even was prepared to go forward with a non-response judgement. My ex responded the day before we went for a non-responsive judgement and agreed, finally. The judge signed off within the week and I was notified via email that my divorce was final a few days prior to receiving the email. I never had to go to their office or to court to face my ex. From start to finish, this took 6 months almost to the day. Again, my ex drug his feet, this could have probably gone faster. Thank you Debbye Laskey for keeping the paperwork straight and to Mr. Betz for the legal components.
Mr. Betz is an exceptional attorney who has been an advisor for me and represented many of my clients. He is well respected within the legal community and trusted by all.
David and his team are excellent to work with. The care, expertise, along with the ease and frequency of communications always kept me well informed and aware of the status of my situation. I cannot recommend The Betz Law Firm enough and I won’t hesitate to call them again in the future if I ever require their services again.
Mr Betz worked with both of us for us with our mediation, no matter how frustrating she was becoming. He handled the situation very calmly and professionally. Thank you for helping it come to a resolution.
I have worked with Mr. Betz a number of times and have always found him to be a wonderful GAL and mediator. He does the work, gets things done, and cares about the tasks and people involved. I highly recommend him as both a GAL and mediator.
I hired the services of David Betz for purposes of getting a name change and him and his paralegal Debbye were professional, answered emails promptly, and were able to handle a complication in my case with no problems. Would highly recommend Mr. Betz.
David was very professional and helpful for our child during a recent litigation. I would highly recommend his firm for GAL service or attorney service!
I was very impressed with Mr. Betz’s service. He was the GAL for my children. He was very professional, fair-but-caring and advocated tireless for the children’s best interests. He took his time to talk to them about their wishes, giving us sound advice and guided us through an otherwise contentious process. I appreciated his professionalism, ethics and would highly recommend him.
My son and I have worked with David Betz for several years in custody matters concerning my grandson. I have found him to be genuinely concerned with our situation and responsive to our needs. He listens carefully and handles matters promptly. He is realistic in evaluating situations and helps us to arrive at the best possible alternatives. I highly recommend him for family law matters.
I am a transfeminine nonbinary person that used The Betz Firm to get my name changed. They were extremely affirming, and excited to work with me through this as it was an immensely huge deal for me. Thank you Betz Firm, for making this a reality for me!
Joel and David are extremely helpful and helped with everything I needed. They are kind and worked with me with all of my needs regarding my case! I would recommend to everyone!
How Divorce Affects Joint Accounts
When a marriage ends, jointly held financial accounts do not automatically separate. Until a court order or mutual agreement is in place, both spouses typically retain access to shared accounts, which means either party could withdraw funds, make charges, or take other actions that could complicate the division of assets later.
Moving early to address joint accounts is one of the most important steps you can take to protect yourself. Depending on your situation, there are a few approaches divorcing couples in Missouri may consider:
Freeze joint accounts so that no transactions can be made without written authorization from both parties. This preserves the current balance while the divorce proceeds.
Consolidating funds into a single frozen account monitored jointly, so both parties must authorize any withdrawal or transfer.
Opening an escrow account through the bank, where a banking officer oversees the account and requires written authorization before any transaction is processed.
Dividing the balance by mutual agreement, where each spouse withdraws an agreed-upon share, and the remaining account transitions to individual ownership. This approach works best when both parties communicate clearly and act in good faith.
None of these options is right for every situation. An attorney can help you evaluate which approach fits your circumstances and reduces your exposure.
Not sure which approach makes sense for your accounts?
A St. Louis divorce attorney can review your financial situation and help you take steps that protect your interests.
Call The Betz Law Firm at (314) 801-8488 for a confidential consultation.
Handling Joint Credit Cards
Joint credit cards carry shared liability, which means both account holders remain responsible for the balance regardless of who made the charges – even after separation. Addressing joint credit accounts early can help prevent additional debt from accumulating in your name during the divorce process.
A common approach is to notify the creditor in writing – via certified mail with proof of delivery – that a divorce is pending and to request that the account be closed or made inactive. At the same time, you should request a current account statement documenting the existing balance. Once you have notified the creditor in writing, you have a clearer record of what was owed as of that date.
If the creditor requests full payment of the outstanding balance before closing the account, it may be worth complying if you are able to, or negotiating to have the account marked inactive with an agreement to close it once the balance is paid. Outstanding balances on joint credit accounts will need to be addressed as part of the overall property and debt division in your divorce.
Home Equity Lines of Credit
A home equity line of credit (HELOC) is an open-ended loan secured by marital property – typically the shared home. Because it is tied to the property rather than a specific account balance, it may not appear in a standard review of financial accounts and is sometimes overlooked during divorce planning.
To find out whether a HELOC exists on your property, you can contact a title insurance company and request a property search. If an open line of credit is found, you can then contact the lending institution to request a freeze, preventing new withdrawals while your divorce is pending.
This step is especially important if you are concerned that the other party may attempt to draw on the line of credit before a settlement is reached.
Investment and Margin Accounts
A securities margin account uses investment holdings – stocks, funds, or other assets – as collateral for borrowing. Like other joint accounts, these can be accessed or altered by either party unless steps are taken to restrict access or alter.
If you have a joint margin account or investment account, contact the brokerage firm directly and request that all trading and transactions be frozen pending the outcome of your divorce. Getting this in writing and keeping documentation of the account’s current value and holdings is important for the asset division process.
Safety Deposit Boxes
Safety deposit boxes are among the most vulnerable assets in a divorce because financial institutions generally do not monitor the marital status of account holders. Either party with a key typically retains access until something changes.
If you share a safety deposit box with your spouse and have concerns about its contents, there are a few steps you may be able to take:
Request a court order restricting access to the box until the divorce is finalized or a settlement is reached.
Surrender both keys to a bank officer voluntarily, with the mutual agreement of both spouses, so that neither party can access the box without a court order or joint authorization.
Document the contents thoroughly – photographs, written inventory, any receipts or appraisals – so you have a clear record if items are later removed or disputed.
Ready to talk through your situation?
Dividing marital finances is one of the more complex parts of a Missouri divorce, and the decisions made early in the process often matter most. Whether you are just starting to think about divorce or already navigating a separation, The Betz Law Firm can help you understand what steps to take and what to protect.
Call (314) 801-8488 or reach out through our website to schedule a confidential consultation with a St. Louis divorce attorney. There is no obligation – just a straightforward conversation about your situation and your options.
This page provides general information about divorce and joint financial accounts in Missouri and is not intended as legal advice. Every situation is different, and outcomes depend on the specific facts of your case.
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