Saving in separate savings account before start of Divorce process

Anonymous Asked:

I need some direction on how savings in separate accounts are treated before the Divorce process is initiated by any party.

We never have joint accounts. Based on current situation, I think we may go down to divorce path soon ( May be 1 or 2 year). I am curios on how saving in individual accounts treated.

(1) Is it true that any savings before marriage will be not shared?

(2) I really do not want to give any share on my hard earn money ( 50%) to another party if we decided to divorce. What if I start emptying my own saving now ( Gradually)? And if I apply for divorce after 1 year. Does court can red flag on me ?

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Douglas Get A Free Consultation: Call 1-877-668-9386

1 year ago

Hello,

These are great questions.

All savings earned during a marriage are matrimonial property and therefore presumptively divisible 50/50 with each spouse upon separation. There is case law that a party can rely upon to argue that draining an account unreasonably prior to a proceeding is grounds for unequal division. A good lawyer could help you negotiate a separation agreement that you can live with because parties are legally permitted to contract out of the rebuttable presumption of equal division.

Please call us to discuss further.

1-877-668-9386 ex 4

Douglas Briand
Legal Consultant

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