Is My Spouse Entitled To The Money In My Separate Bank Account In A Florida Divorce?
According to a survey conducted by the Bank of America, 28% of millennials are opting not to have a bank account after getting married. This is more than twice the number of baby boomer and Gen X couples who keep their funds separate. Several reasons could explain why this is the case. For example, maybe it is because millennials have seen how difficult it can be to divide assets during divorce.
With that said, it is vital to note that just because a bank account is in your name only does not mean that your spouse will not be entitled to the money in that account in divorce.
Does Your Spouse Have a Right to the Money in Your Separate Bank Account in a Florida Divorce?
Before you can know if your spouse has the right to the money in a bank account you opened in your name, you need to determine if the account is separate or marital property. In Florida, marital property is divided between couples during divorce, whereas separate property is not. If it is determined that the bank account is separate property, your spouse will not have any right to the money. On the other hand, if it is determined that the account is marital property, your spouse will be entitled to the funds. In other words, the name on a bank account is not what indicates who will receive the funds in it.
So, how can a bank account you opened in your name become marital property? Usually, bank accounts in one spouse’s name become marital property when commingling occurs. In simpler words, separate property can become marital property if mixed with other marital property. For example, if you placed any income you earned during the marriage in the account that’s in your name, the account may be considered marital property during divorce.
If you need help proving that a bank account you opened in your name is separate property, you need to reach out to a skilled attorney.
How Are Bank Account Funds Split in a Florida Divorce?
As already mentioned, if a bank account is determined to be marital property, the funds in the account will be divided between the divorcing parties. But, how exactly will the division happen? Under the state’s equitable distribution statute, when it comes to dividing marital assets between divorcing parties, the court always starts with the premise that the assets should be divided equally. The court then considers several factors to ensure that the distribution is done fairly.
Below are some of the factors Florida courts consider before dividing the funds in a bank account between divorcing spouses;
- Each spouse’s contribution to the marriage
- The economic circumstances of the spouses
- The desirability of maintaining the funds in the account
Contact an Orlando Property Division Lawyer
If you are going through a Florida divorce and need help protecting your separate property and ensuring you get what is rightfully yours, contact an experienced Orlando property division lawyer at Arwani Law Firm. We can help you determine if your spouse is entitled to the money in the bank account you opened in your name.