April is financial literacy month. In our blogs this month, we’re going to share information that will help you to become more financially literate in your upcoming divorce. The stresses of divorce are immense: from emotions to finances, it can feel overwhelming and insurmountable. Here at The Fairell Firm, we aim to help decrease this stress by providing you with knowledge that can empower you to succeed.
In our blog, we offer divorce help on a wide range of topics. We are, of course, divorce lawyers and not therapists. However, we share tips on handling the emotions of divorce or we discuss the basics of divorce. Everything written in our blogs may be divorce help, but it’s not tailored to your situation and it should not be taken as legal advice. Instead, schedule a consultation with The Fairell Firm! We’ll offer you the divorce help you’re looking for and our team of female divorce lawyers will work hard to represent you.
Our inspiration to discuss bank accounts and divorce today came from one of our readers:
Me and my husband are wanting to get divorced after 15 years of marriage. We have always had separate bank accounts. Is it fair to assume that we each keep our accounts? Karen R.
Bank Accounts Are Considered Marital Property
Whether you have joined or separate bank accounts, it will all be considered marital property if you and your partner decide to divorce. So, to answer Karen’s question: no. Your bank accounts will most likely be subject to division.
If the money in an account was earned while you are married — even if the account is only in your name — then it is most likely marital property and is subject to division by the court.
What Financial Accounts Are Considered Marital Property?
Some people know that bank accounts will be subject to division no matter what, but they assume their retirement accounts or any other financial assets will be considered personal property and won’t be touched. This is incorrect.
All assets in a marriage are subject to division: property, debt, bank accounts, retirement accounts, and more. Here are three types of accounts that are considered marital property and could be separated between you and your spouse:
- Bank Accounts – These accounts will be investigated and perhaps divided no matter whose name it is in, whether it’s checkings or savings, etc.
- Retirement Accounts – Depending on the length of marriage, retirement accounts could be divided upon divorce. If one spouse didn’t contribute to a retirement plan because the other did, then this will also be taken into consideration.
- Stock Accounts – Investments outside of retirement accounts, such as a traditional brokerage account, will also be split up during a divorce.
Get Divorce Help In Atlanta
You don’t need to go through a divorce and divorce settlement alone. Our team of female divorce lawyers will offer all the divorce help you need — from divorce and custody to financial considerations to how to handle social media during your divorce. Let our local divorce attorneys help you reach a divorce settlement that works for you and your family. Schedule a consultation today.