A joint bank account is something that can be accessed by another party. If either partner made a decision to take all the money from the bank account, technically they could. A partnership agreement can lay out terms for how to divide the account. Should it be a 50/50 split? Should it be according to how much either partner contributed from the beginning? Working out terms can prevent a lot of headaches down the road.
Bari Zell Weinberger is the owner and managing partner of Weinberger Law Group in New Jersey. She is Certified by the Supreme Court of New Jersey as a Matrimonial Law Attorney.