${site.data.firmName}${SEMFirmNameAlt}
615-896-4154 800-673-1947

Divorce and bank accounts: Things to think about

Once you decide to divorce, you shouldn't wait long to review your finances to gain a better understanding of your assets and debts.

For example, you need to fully understand what will happen to your bank accounts in the event of a divorce.

To start, you must categorize each bank account. Is it separate property or marital property? The way you determine this is quite simple. If you opened the account before you got married, it is typically separate property. However, if you opened it during your marriage, it's marital property (even if your name is the only one on the account).

What about interest?

Even if you were very careful to never commingle your separate bank accounts during your marriage, matters of interest can come into play. This is particularly true if you had a lot of money in a savings account, thus allowing you to earn hundreds of dollars (or more) in interest month over month.

Leave the money alone

Imagine this: You have one or more joint bank account with your soon-to-be ex spouse. You think it's a good idea to withdraw the money before the other person can do so, but this can actually cause trouble on many fronts.

The best thing you can do is leave the money alone for the time being, as you don't want to put yourself in a bad light.

There are many things to consider during divorce, with property division among the most important details. As you come to better understand your legal rights, you can decide how to approach your bank accounts.

No Comments

Leave a comment
Comment Information
  • Rated BestLawyers Of America Since 2007
  • Criminal Trial Lawyers Association | CTLA
  • National Association Of Criminal Defense Lawyers | NACDL
  • National Academy Of Family Law attorneys | NAFLA
  • The National Trial Lawyers | Top 100
  • TACDL
  • Tennessee Bar Association | TBA
  • Super Lawyers | 2018
Email Us For A Response

How can we help you

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Murfreesboro Office
302 North Spring Street
Murfreesboro, TN 37130

Toll Free: 800-673-1947
Toll Free: 800-673-1947
Phone: 615-896-4154
Fax: 615-896-4152
Murfreesboro Law Office Map

Murfreesboro Office
Mailing Address
PO Box 398
Murfreesboro, TN 37133

Toll Free: 800-673-1947
Map & Directions

Located close to the county courthouse.