When a couple gets married, they often share a bank account that both spouses can use for deposits and withdrawals. If the couple gets divorced, a judge will need to review the money in their shared account to determine if the funds are joint property or separate property. However, just because your name is on the bank account doesn’t mean that the account will be considered separate property. In this blog, we explain if your spouse gets half of your bank account if you get divorced.
Marital Property & Separate Property
A couples’ property is separated into two categories when they get divorced: marital property and separate property. Marital property is sometimes referred to as “joint property” and can be divided by the court as part of the divorce decree. While there are exceptions, the property that was acquired by either spouse during the marriage will be counted as marital property. The property that each spouse acquired before the marriage is considered separate property. Depending on where the money in your bank account came from, it can be considered either separate or marital property.
Tracing Your Property
Assets that start off as separate property can become marital property if they are mixed. If the state assumes that all of your property is marital property, you will need to trace it all back to the original source to prove that it is separate property.
Property Division Law Frim
At Krusch Law, PLLC, our team of family law attorneys know that marital property division can be one of the most complicated issues in a divorce. We are committed to giving our clients the best legal representation possible, and we will stand by your side throughout your entire case. With more than four decades of experience negotiating, litigating, and mediating marital property disputes, we have the skills and resources that you need to obtain a fair case result.