What will happen if I have a savings account with a large sum of money which was opened prior to my marriage and after the wedding I added my wife’s name?
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What will happen if I have a savings account with a large sum of money which was opened prior to my marriage and after the wedding I added my wife’s name?
I am now facing a divorce and I am wondering if this account is protected or will be divided. Also what can I do to protect these assets?
Asked on September 6, 2012 under Family Law, Louisiana
Answers:
B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Assets that were yours prior to the marriage should remain yours. However, if you co-mingle them during the marriage, it becomes a bit messier. If you can trace the funds clearly as your seperate property, you'll have a better chance of keeping the full amount. If you cannot trace and track the funds, then you may end up having to share the amounts in the account.
In the meantime, you may want to consider moving the funds to an account in only your name. If her name is on the account, then she could go to the bank and withdraw the funds to help pay for her attorney-- with little possibility that you would ever see the funds again.
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