Many couples open joint accounts as a symbol of trust What’s mine is yours but when it comes to the law, love is not evidence. 🥴
Here’s what you need to know before you say Let’s open a joint account.
⚖️ 1. Both account holders have equal rights. Once your name appears on that account, either of you can legally withdraw or transfer funds without the other’s consent. The bank won’t interfere unless there’s a court order.
So, if your partner empties the account tomorrow, it’s not a theft case it’s a civil dispute, not a criminal one.
⚖️ 2. Upon death, the survivor usually keeps the money
Under banking practice and case law, funds in a joint account automatically pass to the surviving account holder unless proven otherwise (like if it’s clear the money belonged solely to one person).
This can cause serious inheritance battles if the deceased’s family believes the money was family property.
⚖️ 3. Keep a clear agreement
You can draw up a short Memorandum of Understanding (MoU) stating how deposits, withdrawals, and ownership will work especially if one person contributes more.
🍲 Pepper Soup Wisdom:
In marriage, a joint account is a bond of trust but in law, it’s a contract of equal rights. Before you merge your money, make sure you understand the fine print not just the emotions.
Source: Legal Matters with Bar Ronke Ahaotu
