Upon the entry of a decree of divorce, either a mensa et thoro or a vinculo matrimonii, all rights of either consort in any multiple-party account then existing between them, including the right of survivorship, shall be extinguished; and any joint account then existing between the consorts shall thereupon be converted into a tenancy in common, in the proportions provided in subsection A of § 6.2-606, unless otherwise ordered by the court.
1979, c. 407, § 6.1-125.4; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 6 - Deposits and Accounts
§ 6.2-601. Federal insurance of deposits required for all banks or savings institutions
§ 6.2-602. Adverse claims to accounts
§ 6.2-603. Medical savings accounts and health savings accounts
§ 6.2-603.1. Savings promotions
§ 6.2-606. Ownership during lifetime; garnishment, attachment, or levy
§ 6.2-608. Right of survivorship
§ 6.2-609. Change of form of account upon written order to financial institution
§ 6.2-610. Transfers arising from right of survivorship nontestamentary
§ 6.2-611. Liability of surviving party for debts and other liabilities of decedent's estate
§ 6.2-612. Financial institution duties; multiple-party accounts; multiple-fiduciary accounts
§ 6.2-613. Payment of sums in joint account
§ 6.2-614. Payment of P.O.D. account
§ 6.2-615. Payment of trust account
§ 6.2-615.1. Payment of multiple-fiduciary account
§ 6.2-616. Discharge of financial institution upon payment
§ 6.2-617. Setoff by financial institution against account
§ 6.2-618. Identification of joint accounts
§ 6.2-619. Certain duties of parties to joint accounts in financial institutions
§ 6.2-620. Application of article to accounts existing on July 1, 1980