One of the greatest decisions that you’ll need to make if you are headed for divorce is how you and you soon to be former spouse is how you divide assets between each other. While it might be tempting to try to put squirrel money away in a separate account or your own because you don’t believe you will get your fair share. This is an area that you should be extremely careful in handling. Often the separation of marital assets leading up to your divorce is something that is taken very seriously in the eyes of the court. Of course, eventually you’ll need to open up a new bank account in an equitable distribution state, such as Indiana, of your own at some point, give Indiana divorce lawyer, Zentz Law a call at 317-677-7169.
Don’t Be Un-Equitable
Indiana is an equitable distribution state. Making financial decisions while you are getting a divorce, can have serious consequences. There are times when one of the parties in a divorce tries to deprive the other of their share of the marital assets like a bank account. This is done usually by transferring money out of a joint account or spending the money in the account. The offending party is more than likely to be penalized by the court and may owe money back to their former spouse. This behavior could likely cause the court to favor the other party when dividing the marital assets.
When You Can Use Joint Assets?
You have the right to use marital funds to pay for legitimate needs, such as:
- Attorney for the divorce
To show the court that you are acting in good faith and not spending maliciously or as a form of economic misconduct, make sure to keep a record of where the money goes throughout the divorce. If you can demonstrate to the court that you’ve only paid for the necessities of life and the divorce, you won’t be held liable for the missing money from any accounts.
Do You Need a Divorce Attorney to Help Separate Assets?
Opening a New Bank Account
If you’re worried that your former spouse may try to hide money, only move enough funds to cover your needs into a separate bank account. Change any direct deposits into a new bank account, particularly if your spouse is spending through the marital assets. In Indiana, you may still be required by the court to return some of the money that you’ve spent to your spouse. Maintaining a separate bank account will help protect the integrity of both of your assets in the near term.
Carefully Work Out Financial Arrangements
As you work through all of the financial arrangements and custody agreements in your divorce, the job of the court is not to punish your spouse financially. Indiana is an equitable distribution state and the goal of the court is concerned with distributing marital assets fairly, and that’s the standard you should keep in mind. If you need help with your bank accounts during a divorce. At Zentz Law we will work with you to ensure your financial future remains protected. Give us a call today at 317-677-7169 to schedule an appointment now!