If you have always held separate accounts then you do not need to close them and reopen new ones. The money in the accounts is considered marital property to the date of separation. Example: You have $500 in the checking account and separation begins today. You get paid next week. That $500 is marital property and would be divided. When you get paid next week, that money is separate property.
If you are on this step then you and your spouse should sit down with and come up with a separation agreement detailing these accounts. If you and your spouse are going to keep the money in the separate accounts and not divide it then it needs to be disclosed that way in an agreement to keep from one or the other coming back later for it our of spite.
If you have joint accounts, you should separate them to ensure that your assets after separation are not being divided along with marital assests. I have read of one couple that kept a joint account open for child support and/or alimony…but you would need to have an agreement and a healthy communication and respect for one another to be able to do this after divorce, IMHO.
The assets would be considered marital regardless of the names they are in. When we speak about safeguarding your assets we simply mean putting them in a form that guarantees they will not be squandered by your spouse. For example, if your spouse took all the money out of a joint account and used it to purchase new furniture and then did not have enough left to give you your fair share of the assets. Of course, when it comes time to divide your assets you will need to be honest and up front about what assets you have and where you are holding them.
Helena M. Nevicosi
Attorney with Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax
Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044
Durham & Chapel Hill Office
1829 East Franklin Street
Building 600
Chapel Hill, NC 27514
(919) 321.0780
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.
Another thing, follow up on checking accounts. My ex had my name on his checking account, opened almost a decade earlier. I didn’t use the account and it was not my money in it. My ex assured me he’d closed the account and reopened it in his sole name. Imagine my surprise when a year and half after we seperated up I had almost 2000.00 drafted from my checking account to cover his being overdrawn. Not to mention the intital flury of stopping payments to prevent bounced checks, the bank fees involved, closing my checking account and not being able to open another one until the issue had been resolved (any money I depeosited into MY SOLE account could be taken for HIS debts) I was faced with another loss because even though it was incorperated into our divorce decree, even after a year he hasn’t settled up on (he’s paid 100.00). With that and his arrears in child supportarrears in child support, he owes over 10000.00.
If he is not following a court order to pay you child support you can file a motion and order to show cause and ask the court to enforce the order. He could face many penalties, including jail.
Helena M. Nevicosi
Attorney with Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax
Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044
Durham & Chapel Hill Office
1829 East Franklin Street
Building 600
Chapel Hill, NC 27514
(919) 321.0780
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.
Information found on your site regarding divorce is very helpful. However I have a question regarding information in the Five Things to Do Before You Even Think About Getting a Divorce. Bullet point #5 Take concrete steps to safeguard your assets before you and your spouse begin discussing divorce