[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/nmichlaw.com\/blog\/what-a-separate-bank-account-can-and-cant-do-for-you-in-a-divorce\/#BlogPosting","mainEntityOfPage":"https:\/\/nmichlaw.com\/blog\/what-a-separate-bank-account-can-and-cant-do-for-you-in-a-divorce\/","headline":"What a Separate Bank Account Can (and Can\u2019t) Do for You in a Divorce","name":"What a Separate Bank Account Can (and Can\u2019t) Do for You in a Divorce","description":"If you\u2019re planning to tell your spouse you want a divorce or you anticipate that they\u2019re considering one, you may put some money aside in a bank account in your name.\u00a0 It can be wise to do that \u2013- particularly … Continue reading →<\/span><\/a>","datePublished":"2020-12-26","dateModified":"2022-06-21","author":{"@type":"Person","@id":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/#Person","name":"Alward Fisher","url":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/","identifier":10,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Alward Fisher","logo":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","width":288,"height":103}},"image":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/10\/feature-home-mobile-1.jpg","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/10\/feature-home-mobile-1.jpg","height":"100","width":"100"},"url":"https:\/\/nmichlaw.com\/blog\/what-a-separate-bank-account-can-and-cant-do-for-you-in-a-divorce\/","about":["Divorce"],"wordCount":419,"articleBody":"If you\u2019re planning to tell your spouse you want a divorce or you anticipate that they\u2019re considering one, you may put some money aside in a bank account in your name.\u00a0 It can be wise to do that \u2013- particularly if you\u2019re concerned that your spouse could clean out your joint accounts.However, when it comes time for\u00a0you and your spouse to divide your assets, you aren\u2019t necessarily entitled to all the money in that account. It could be considered marital property that\u2019s subject to the distribution laws of the state. If you and your spouse are unable to work out a property distribution agreement on your own, a judge may rule that even separate accounts need to be shared.Is having separate accounts from the start of your marriage a solution?If spouses want to keep some of their assets wholly their own, it\u2019s best to maintain separate accounts with completely separate sources of funding throughout the marriage. That\u2019s becoming more common among younger couples. One survey by Bank of America found that over a quarter of Millennials are choosing not to have a joint bank account at all with their spouses.Those\u00a0separate bank accounts\u00a0can prevent some common marital conflicts over money, particularly when spouses have different attitudes toward saving and spending. They can also help people maintain a sense of independence about their finances.If a divorce is on the horizon, is there any value in a separate bank account?Financial advisors and family law attorneys often still recommend that their clients get a checking account and credit card in their name prior to divorce. If they don\u2019t, and their spouse cleans out their joint accounts or maxes out their joint credit cards, it can put them in an unnecessary bind.\u00a0One of the first things you should do if you believe that divorce is in your future is to talk with an experienced family law attorney. They can provide valuable guidance based on your unique situation.About the AuthorLatest PostsAlward FisherAt Alward Fisher, we provide more than savvy legal representation. We provide peace of mind. Peace of mind for your business. Peace of mind for your family. And the peace of mind for your future. No matter what types of legal challenges you are facing, we can help you find solutions.Can Someone with the Power of Attorney Change a Will?Can a Divorce Be Denied in Michigan?What Is the Downside of Collaborative Divorce?"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/nmichlaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"What a Separate Bank Account Can (and Can\u2019t) Do for You in a Divorce","item":"https:\/\/nmichlaw.com\/blog\/what-a-separate-bank-account-can-and-cant-do-for-you-in-a-divorce\/#breadcrumbitem"}]}]