Most of us understand that all marital property is subject to division in a divorce and, while this might seem straightforward, the truth is that tensions rise when both parties are unable to agree on what is considered marital property and what is considered separate property. If you are concerned about your personal bank account and whether or not it might end up on the chopping block, read on to learn what might become of it.
Separate Property and Marital Property
The assets between two spouses are divided into two categories, marital property and separate property. Your savings account, regardless if only your name is on it, might not be considered separate property. For example, if you opened the account during your marriage and made regular contributions, it would be considered marital property even if your spouse’s name is not listed on the account. However, if you opened the account prior to your marriage, if someone gave the money specifically to you, or if the funds were an inheritance, your account would not be subject to division. It would be considered separate property.
In some cases, even a savings account that you opened before you were married might become a commingled account if you made deposits during your marriage. The balance at the time of your marriage will still be considered separate property, but whatever was accumulated throughout your marriage will be considered marital property. The burden of proof would be on you to prove what is separate property and what is not.
Additionally, even if the account was never commingled, any interest accumulated might be subject to division and it would be your duty to identify what the account’s original balance was prior to your marriage.
Divorce Attorneys in Clarksville
Making the decision to move forward with a divorce is difficult and the process can be even more trying without proper representation. At Patton & Pittman, our Clarksville legal team has over 75 years of collective experience and insight, which we will put to use in your divorce case to ensure that your best interests are protected. Our Clarksville divorce attorneys will tailor a strategy to your specific needs and deliver the one-on-one service you deserve.
Our attorneys can assist you with a wide range of issues, including alimony, child custody and visitation, mediation, and more.
Contact our office today at (931) 361-4477 to schedule a free consultation.