Lawyer Says Husband and Wife Joint Account is Not 50/50 in Law, Explains What Happens When One Dies
- A Nigerian lawyer has opened people’s eyes to what really happens when a couple opens a joint bank account
- She explained why the money in the account is not 50/50 between the husband and wife, based on how they sign
- Many reacted as she explained what would happen if one of the couple dies, and what determines how money is spent
A Nigerian lawyer, Confidence Aribibia, has stated that the money in a couple’s bank account is not 50/50 in law.
She stated that most couples loved to open joint bank accounts, but most of them failed to understand the legal aspect.
Source: Facebook
On her Facebook page, she stated that the bank determined how the joint account was operated.
She stated the two kinds of mandates that may affect how the account was operated and what would happen when one of the couple dies.
The lawyer said in her post:
“Your joint account with your spouse is not “50/50” in Law. Couples love opening joint bank accounts, but most don’t understand the legal effect. A joint account operates on the mandate given to the bank, not on love or assumptions.
“If it’s “either/or” signing, one spouse can legally withdraw all the money without the other’s consent.
“If it’s “both must sign,” the account freezes the moment one party kpai the survivor cannot touch it until probate is granted.
“So, while people say “it’s our money,” in law, the structure of the account and banking rules decide who controls the funds. Don’t open a joint account blindly. Understand the mandate and the consequences before you sign.”
Source: Facebook
Reactions trail lawyer’s view on joint accounts
Sly Ben Omoigberale said:
"It actually baffles me whenever I hear that couples opened joint accounts. In my opinion, it's like a curse and a limitation to the man. Really laughable! So for me to help someone in need I have to consult my wife? That is totally impossible considering the way women are wired."
Lina Waita said:
"Great insight. People should know the difference between the names "joint" ,"sign", and "Mandate".
SuccessUchechi Ikoku said:
"You will excel in your law profession and endeavours. Among your equals you will be second to none."
Chijinwa Lebechi Egbunefu said:
"We are aware, having said that, what legal advice have you given to make transactions easy for both parties?"
Florence Adekeye said:
"I don't like it, if something happen to one partner, there is a problem. You have to find a witness that is faithful and trust worthy."
Emmanuel Emenike said:
"The truth that you know will make you free. Thanks a lot for this revelation."
Ochieng Robert said:
"But here in Kenya, all of you must be signatories so there's no way one can withdraw money without the knowledge of the other."
In related stories, a lawyer shares how women can get a share of their husband's property, while another female lawyer explained why a couple can't get 50-50 property sharing during divorce.
Lawyer speaks on couple's joint ownership
Meanwhile, Legit.ng previously reported that Barrister Confident explained why couples should not use Mr/Mrs. on the document of a property they bought together.
She listed three correct ways a couple can write their names to show joint ownership and represent the wife's interest.
Many who came across her post shared their thoughts, and some appreciated her for the legal advice.
Source: Legit.ng
