Florida Family Law FAQs

Are separate bank accounts considered marital property?

December 27, 2023 in Divorce, Property and Asset Distribution

Whether separate bank accounts are considered marital property in a Florida divorce depends on a few things. Generally, money in a bank account that one person had before getting married is usually their own separate property. This means it’s not automatically split in the divorce.

However, if during the marriage you put money into that account that you earned while married, then that part could be seen as marital property. Marital property is what gets divided in a divorce. For example, if you had a bank account before you got married and kept adding to it with money you made from your job during the marriage, the money added during the marriage could be considered marital property.

Also, if both spouses use the separate account in a way that it becomes mixed with marital finances, like paying household bills or buying things for both people, then it might be considered marital property. This can get complicated, especially if money is moved around a lot between different accounts. In a divorce, the court looks at all of this and decides how to split it fairly, but not always equally.

If you’re concerned about how separate bank accounts may be treated in your divorce, it’s essential to seek legal advice. Shemtov Hillstrom can provide guidance tailored to your situation. Contact us at (954) 329-2222 to schedule a consultation with our experienced trial attorneys, who can help you navigate the complexities of asset division in your divorce.

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