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.