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Has anyone ever managed debt or bills for a couple that is divorcing but needs to continue to pay joint expenses? Without an escrow account, I can only think for them to set up a joint bank account that they both fund and only I access and use to pay the bills out of. Is there something I am missing that would create an alternative to the joint account as they prefer to no longer be tied together in any way?
Caitlin, I’ve been through several divorces with clients. They can either keep a joint checking account from which to pay those bills until the divorce is final and they know who pays what going forward OR they can decide now who pays which bills and have two individual accounts. This particular situation is not one for which you would use an escrow account. And until the divorce is final, if they have joint assets, then in reality they are tied together that way…whether they want it or not.
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