Separate bank accounts doesn’t always mean divorce

On Behalf of | Mar 2, 2016 | Divorce

When a Minnesota married couple keeps their assets separate, many people consider it a sign that a relationship is in trouble. The general feeling is that two people who do not pool their money do not trust each other, often a sign of a pending breakup. However, keeping bank accounts separate is not always an indication of problems.

Although a large number of couples pool their earnings and their debt once a relationship gets serious, some couples find it best to manage their own money individually. For example, some people say that having a shared bank account makes them feel like their partner is constantly checking up on them.

Further, some couples may keep separate accounts because of debts. A person who has a large amount of debt, may not want to put their spouse in a situation where they could be responsible for that separate debt. Shared accounts may be garnished by creditors, so separate accounts can be a form of protection.

It is important to note that even if a couple does keep their bank accounts separate, it does not mean that each individual does not have the rights to their spouse’s assets during the property division stage of a divorce. Most assets that have been obtained by either party during a marriage will be considered marital property, although there are some exceptions. This also holds true for debts. Unless the couple is otherwise able to come to an agreement, the court will usually make an equitable division of those assets and obligations. A family law attorney can often assist a divorcing spouse in negotiating such a settlement.