When going through a divorce, you may be worried about your finances and whether you are going to have to divide all your own money. Here are two concerns about managing a bank account during divorce.
Should I Open Up My Own Bank Account?
If you have filed for divorce or your spouse has, and you are both still living in the same residence and still sharing bills and making the bill payments as you had before, it may still be a good idea for you to open your own bank account. The reason for that is any income that you earn after the date on which the action for divorce is commenced is considered your separate property. If you put all of that money into the joint bank account, you may be making a gift to your spouse of a portion or all of those paycheck funds. If you open your own bank account and deposit your paycheck into that account and just take out the money that you need for the bills, any excess money in your own bank accounts will remain your separate property when the divorce is finalized.
Parents Put My Name on Bank Account | Will My Spouse Get this Money?
We’re often asked if a parent or sibling can add our client’s name to their bank accounts and whether or not the spouse of our client can then access those funds or make a claim to those funds in the event of a divorce. Your parent or sibling can always add your name to a bank account. Your spouse can try to make a claim to those funds, but the likelihood is that they will have no claim to the funds unless you have transferred marital funds into that account in an attempt to secrete or hide those funds. If it is an account that contains only your parent’s money or a sibling’s funds, then no, your spouse will not be able to make a claim for the funds in that account.
If you have any questions about how to manage your bank account during divorce, please call our experienced Saratoga divorce attorneys.