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Going through divorce with separate finances

Many North Carolina millennial have shied away from co-mingling their funds, even after a couple decides to get married. It is estimated that approximately 28 percent of couples across the nation who get married never open a joint bank account and end up keeping their funds completely separate. While this may be due to the fact that it can be difficult to divide assets during a divorce, maintaining separate assets does not mean that they will not be distributed in the event of a divorce.

Many financial experts do agree that keeping separate bank accounts can reduce conflict between spouses, especially if both spouses work and earn an income. However, family law attorneys may argue that any assets, such as income, that is acquired by the couple during the course of the marriage, should be considered marital property even if the couple lives in a state that operates under equitable distribution laws, such as North Carolina.

However, there are a few ways a person can protect himself or herself in the event of a divorce. The easiest way is to sign a prenuptial agreement. Further, keeping inheritances separate can also help a person ensure that he or she keeps this asset during the divorce.

Going through a divorce can be difficult, even if former couples have kept their finances and other assets separate. In some cases, a judge may decide that dividing a bank account that belongs to one person may be the best way to come up with a settlement that is fair to both parties. A family law attorney might provide his or her client advice on property division during the divorce process.

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