When you are getting a divorce, you know that property is going to need to be split up. Knowing that, can’t you just take some of your assets and put them in a completely separate account? If it only has your name on it, then the money inside of it should be all yours, right? That is not exactly how things work, but sometimes a separate bank account can be protected from the property division process. A Morton divorce lawyer from our firm would be able to tell you more about how that works.
How Can You Keep a Separate Bank Account as a Separate Property?
If you do have a separate bank account, it is almost always going to be considered a marital asset. This is true even if the account is only in your name. There are a few things you would need to do to ensure that a separate bank account stays separate. The bank account would have to:
- Be only in your name
- Not receive any deposits of marital property
- Receive deposits that could have been a gift for your spouse
The second part often trips people up because they do not realize that the income that they make during their marriage is marital property. Even if it is a check from your job going right into the account, that was marital property. Now this bank account is no longer separate property. Now money has been commingled and the assets in this account could be split up in a divorce.
Should I Make a Separate Bank Account During the Divorce Process?
This does not mean that you cannot make a separate bank account for yourself. In fact, it is a good idea to make your own account when divorce is imminent. One mistake to avoid is taking all of the money from the joint account and putting it in your new account.
The state of Illinois is not going to approve that kind of behavior. You can make even more trouble for yourself if you take the money and spend it right away in some kind of effort to keep more of the assets from your marriage. Just do not do this.
What is the Best Way to Protect My Assets in a Divorce?
So how can you protect your assets? Hiring an experienced lawyer can help you do that. An attorney from our firm can help you fight for the best possible outcome in your divorce. That means fighting for a fair share of the assets and protecting what you have earned.
Contact Our Law Firm
When you are ready to move forward with a divorce, contact Butler, Giraudo & Meister, P.C. We can schedule a consultation and tell you more about what our legal team can do for you. We are ready to help you at every stage of this process.