Why is it advisable to close joint accounts after separation?

Closing joint accounts after separation is advisable primarily to prevent further expenses from accruing on those accounts. Once a couple has decided to separate, any continuing transactions can lead to financial complications, such as additional charges, overdrafts, or debts that both parties might be held responsible for. By closing these accounts, each spouse can effectively manage their own finances independently and avoid the risk of unexpected liabilities arising from joint financial commitments.

While retaining individual credit scores is important for each spouse, simply closing accounts won't directly affect their credit scores if managed properly. Similarly, while closing accounts can help in the division of assets, it does not itself facilitate the actual division; that often requires separate legal actions. Compliance with legal requirements is not typically a direct reason for closing accounts, as there are generally no formal legal mandates requiring account closure unless specified by a court or agreed upon in a separation agreement.