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 ?

Expert Comment:

Subscribe

1 Comment

Oldest

Newest Most Voted

Inline Feedbacks

View all comments

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

2 years 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

0

Reply

More Q&A

Main Categories in Q&A

All Divorce Separation Children Property

Latest Questions Asked:

Separation Agreement in Place but Ex Won't Withdraw Answer: Can Divorce Be Granted?

Hi, I had filed for a divorce in court as my spouse and I were unable to reach an agreement and he was being non-cooperative in terms of trying mediation. He filed an answer to my divorce application. In the last few months, we have been able to reach ...

What Happens if My Spouse is Hiding Assets During the Divorce?

Divorce is a challenging process, and it becomes even more complicated when there are suspicions of hidden assets. In Ontario, as in many jurisdictions, spouses are required to fully disclose their financial situation to ensure a fair division of prope ...

Understanding the Legal Process of One-Sided Divorce in Canada

What Is One-Sided Divorce? One-sided divorce is possible in Canada without the other spouse's consent. This type of divorce can proceed even if the other spouse does not respond or agree to the divorce terms, making it a significant aspect of Canadian ...

What can you buy while you filling for a divorce

What can you invest on or buy while you are going through divorce

Preparing for Court: What to Expect in a Contested Divorce Trial in Ontario

Divorce is a life-altering event that can be emotionally draining and legally complex. When a divorce becomes contested, both spouses cannot agree on some or all of the key issues. This can lead to more significant challenges, as the court has to step ...

Do Divorce Lawyers Work on Weekends? Get Expert Advice When You Need It

If you've been wondering, "Do divorce lawyers work on weekends?" you most likely are experiencing the common truth that navigating the complexities of divorce can be challenging, and finding the right time to discuss your concerns with a divorce lawyer ...

See All Questions