Will a separate bank account protect my assets during a divorce?

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money and a wedding ring

When a couple decides to tie the knot, they often choose to share everything from passwords to bank accounts. To simplify things, many couples keep their funds in a joint bank account so that both parties can easily access the funds to pay bills. Some couples may use a separate account for their savings but keep most of their income in a joint account. However, some couples prefer to keep their money in separate bank accounts. While this may seem like an excellent way to maintain individual ownership of assets, it is imperative to note that just because your spouse’s name is not on the account or their income has not been contributed to the account does not mean it won’t be subject to division as commingled assets are considered marital property. If you are concerned about what may happen to your separate bank accounts during property division, please continue reading and contact a trusted Suffolk County Martial Property Attorney who can help you navigate this complex legal process. 

Can I keep assets held in a separate bank account in a divorce?

In some marriages, spouses intentionally keep separate bank accounts to maintain financial independence throughout their marriage, hoping that the funds will remain solely their property in the event of a divorce. However, contrary to what some couples may believe, even if their spouse’s name is not on the account and their money has never been deposited, it could still be considered marital property. Unfortunately, you are not guaranteed to receive all the funds in the account as your assets may be commingled. Whether you can keep assets in a separate bank account depends on whether the funds have been commingled.

When are they considered separate property?

When assets are divided in a divorce, they are split fairly, not equally, between each party. Marital property, any assets acquired during the marriage, are subject to division. Assets acquired outside of the marriage are considered separate property and not subject to division. Therefore, if a bank account was opened or used after marriage, the money could be viewed as marital property due to commingling. Commingling occurs when assets are used by both spouses. Even if the account is only in one spouse’s name and the other didn’t contribute, the money can be used for joint expenses like groceries, bills, and childcare, so both spouses are entitled to a share.

Nonetheless, in some instances, separate bank accounts are considered separate property. This is only the case if the other spouse’s name was never added to the account, none of their income was deposited, no financial gifts bearing both spouse’s names were deposited, and the assets were never commingled.

If you are undergoing a divorce and are unsure of how to divide funds in a separate bank account, it is in your best interest to contact a determined attorney from The Law Offices of Susan A. Kassel, P.C., who can protect your hard-earned assets during the division of assets.

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What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne


The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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