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Do separate bank accounts help in divorce?

On Behalf of | Nov 29, 2019 | divorce

Do you assume that people who get married start up a joint bank account? While most people do, the number who do not share one account is higher than ever. Among millennials, for instance, a full 28% still have their own personal accounts after tying the knot.

One reason that they often cite is the likelihood of divorce. They feel like, should they end the marriage, keeping the money in their own accounts means they will not have to split it with their partner. But does it really help?

It may help in some cases. It can, for instance, keep people from commingling pre-marital assets.

That said, experts do note that just because you have separate accounts does not guarantee that the money in them goes to the person whose name is listed. In many cases, what you earn while married can still count as a marital asset and get divided.

Another thing to remember is that separate bank accounts do not prevent you from having to pay child support or alimony. Money can go to your ex that way.

The one main benefit is that, should your spouse feel malicious when you declare your intentions to divorce and try to cut off access to family funds, you know that you still have money in your personal bank account. You don’t have to worry about your spouse locking you out of a joint account or draining all of the funds.

The financial side of divorce is very important, and it’s wise to know exactly where you stand.