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The right escrow services can make divorce settlements a little less painful. Find out how BNY Mellon Wealth Management can help navigate complicated agreements. 



A wealthy couple was in the process of getting a divorce. The wife held an executive position at a notable software provider and the husband was not employed. Their combined assets, including a multi-million-dollar primary residence, were significant. Each party sought separate legal representation to negotiate the divorce proceedings.


The couple agreed to sell the home rather than allowing one party to stay, which required a different approach to dividing the assets. However, their attorneys had concerns regarding the receipt, management and equitable distribution of the proceeds. The wife’s attorney, a trust and estate attorney at a firm that specializes in divorce and family law, suggested that a neutral, third party held the proceeds from the sale while the divorce was finalized. The couple agreed to this approach. 


BNY Mellon Escrow Solution


The wife’s attorney had an existing relationship with BNY Mellon Wealth Management and they contacted our local escrow specialist to discuss the situation. We responded quickly with a template agreement for both attorneys and executed a final escrow agreement between both parties in a matter of days. Within a week, an escrow account was established and a multi-million-dollar deposit was received into an interest-bearing deposit account.


Included in the escrow agreement was the stipulation that funds may be released only under two circumstances: receipt of the final, court-ordered judgment from the divorce proceedings, or the joint, written instructions from both escrow parties (husband and wife). This provided peace of mind to both attorneys that the funds would remain with a neutral party and would not be disbursed until the agreed-upon and legally binding notification.


Client Advantages


The escrow account helped safeguard a significant portion of marital wealth and assured all parties that funds would be maintained by a neutral party. Because the attorneys were extremely satisfied with our expertise, responsiveness and reliability, they expressed they would refer additional clients as the need arises. The husband was equally pleased with our escrow capabilities and agreed to our proposal to manage his post-divorce assets. Our wealth management capabilities, including investment management and private banking services, will help manage his everyday finances and achieve his long-term goals.


BNY Mellon Wealth Management’s escrow services offer reliability, value and convenience. We are committed to providing you and your clients with the prompt service and turnaround we know are so critical to your success.


Why BNY Mellon Wealth Management


• Experience with various forms of escrow agreements

        o Settlements from class actions, divorce and other court-ordered proceedings

        o Corporate mergers and acquisitions

        o Qualified 1031 like-kind escrow accounts

• Personal service and expertise

        o Escrow specialists liaison between parties to expedite the creation of the             agreement

        o Each specialist acts as single point of contact to manage the agreement on an             ongoing basis

• Quick turnaround of agreements

• Proactive participation throughout the lifecycle of the agreement

        o Escrow agreement review and account setup

        o Account maintenance and recordkeeping

        o Tax reporting

        o Distribution and release of assets

        o Final closing

• Customized deposit capabilities

        o Designed to meet the needs of law firms and individual attorneys acting as             escrow agent

• Financial strength and stability

        o BNY Mellon is consistently ranked among the top financial firms with strong             external credit ratings1


BNY Mellon Wealth Management works directly with attorneys and other advisors, delivering expert escrow capabilities to clients. Acting as liaison between parties, our specialists act as a single point of contact throughout the execution of the agreement. We provide reliability, cost efficiency and expedience, with a commitment to exceptional service, to ensure our clients are well served, well prepared and well protected.


Escrow services are available nationwide through our network of local offices. Visit our Escrow Services page for more information on BNY Mellon Wealth Management's escrow capabilities.





1For credit rating information on BNY Mellon, N.A., visit investor relations page. 

BNY Mellon, N.A. Member FDIC.


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