divorce and financial obligations
How can one protect one’s personal saving accounts during a divorce? I have made substantially more than my spouse and have paid for almost everything during our short marriage, including our house. We have no children. Will I need to split my accounts that are under my name only? Thank you.
Terry Says
Did you have a prenuptial agreement? (Wish you had read our book “The New Love Deal — Everything You Must Know Before Marrying, Moving In or Moving On.”)
Unless there is a prenup, the division of assets depends on the laws in your state of residence. Your best bet is to get a great divorce attorney immediately to inform you of your rights and potential vulnerability on that score. If there is an income discrepancy, you might even be asked to pay spousal maintenance!
If you live in a “community property” state, even though it’s just your name on the account, it becomes marital property. So ask your attorney.
And let me add this from experience. If you can talk with your spouse and reach your own agreement as to division of property and no future liability for support going forward, then that will likely be your best deal. Once the other spouse gets an attorney, the fight is on!
And the lawyers won’t stop till they have raked in all fees possible– by extending the disagreement and discussions.
Another choice is mediation, though in most states that must be done after each has separate counsel.
