Separate Accounts May Help Simplify Divorce

Millennials have a different take on marriage and finances than the generations that came before them. They are waiting longer to get married and as a result both partners are frequently already in established careers. One outcome of this in Washington is that the couple is likely to maintain separate bank accounts following their marriage. Some couples may thing that this offers them some financial protection should the marriage end in divorce.

In community property states, of which Washington is one, money or assets accrued during the marriage are considered community (marital) property and are subject to division in the event of a divorce. There are advantages to maintaining separate accounts in the event of a divorce, particularly if one needs access to money in a contentious divorce situation. Having one’s own account provides easy financial access for daily expenses, bills and childcare.

The best way to protect one’s finances is through the use of a prenuptial agreement. They are reportedly becoming more common among couples before getting married, which may also stem from having established careers before marriage. It is also a good idea to have a serious conversation regarding finances before the wedding, something that having a prenup necessitates.

Marriage is a big commitment and one that people enter into with the belief that it will last. While one hopes for the best it is always a good idea to prepare for the worst, in this case a possible divorce. Having a serious discussion and maintaining separate accounts are excellent first steps. Reviewing such decisions with a professional in Washington can help one attain a comfort level with one’s financial situation as one enters into marriage.

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The Law Offices of Stacy D. Heard, PLLC

Stacy Heard is an accomplished and well-respected family law attorney in Seattle, Washington who has served clients for over 20 years. Stacy specializes in matrimonial and family law. She handles matters of divorce, high-conflict parenting plan/child custody issues, international custody disputes and Hague Convention cases, complex financial issues, relocation, restraining orders, child support, and modifications of Parenting Plans and Child Support Orders.