Posted by Jemma Breban on 19th December 2011

If you have a joint bank account with your spouse, you should ensure that the account is made a joint signatory account requiring two signatures for any money to be withdrawn.

Otherwise any money in the account can be withdrawn, or an overdraft run up, without your knowledge or permission and you will be jointly liable, even if you have not spent the money yourself.

In the same way, you should cancel any credit cards that are in your sole name with your spouse being a second card holder otherwise you will be similarly liable for any expenditure incurred by the holder of the credit card.

Please note that with some banks, if you mention the words “separation” or “divorce” they may automatically freeze any accounts that you hold with that bank.

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