OTP Bank

Dissolution of marriage

  1. Obligation to notify the bank

If you and your spouse are going through a divorce process, you may have common assets and / or liabilities such as loans, bank accounts, savings accounts that will be affected by your status change. In this case you will need to contact the bank to let you know about changes in your circumstances and the consequences that follow.

  1. What happens to banking products or services?
  • Account and/or deposit

In the case of joint accounts or deposits, the spouses may decide to close the joint product and open a personal one. But until then, funds in the current account / savings account / deposit can be used / spent by each of the spouses if the “OR” condition is selected when the account / deposit is opened. The term “OR” means separate signatures, so that one of the holders is sufficient to carry out the deposit operation, without the presence of another holder.

If the “AND” condition is selected when the account / deposit is opened, this means joint signatures. Therefore, all deposit holders must be present to perform deposit operations. No transaction can be executed without the consent of all the holders.

  • Loan

If you have a loan in joint names, you will both remain equally responsible for meeting the monthly payments.

Even in the case of a property sharing agreement where the spouses can agree to have one of them undertake to repay the loan outstanding, this cannot be done without the consent of the Bank. In such conditions, the Bank remakes an analysis of the financial situation under the new conditions and depending on it, the bank may or may not give the consent for changing the debtor.

  1. Freezing bank account

You cannot ask to the bank to freeze your joint accounts/deposits if you are planning to get divorced from your partner. This can be done only after presenting the legal document that legitimates the action (ex. a court decision, bailiff’s order, etc.).

If you are interested to know more on the Dissolution of Marriage, please refer to the Family Code.

Note: This material has been prepared in two languages, Albanian and English. In case of discrepancies between the two versions, the Albanian version prevails.