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Property division and bank accounts

During a Kentucky divorce, one of the main points of contention is finances. If the courts must step in to allocate assets, bank accounts will be taken into consideration. The court, according to Zacks, will look at when the account originated and the details of the account to determine if it will become marital property to be split between both people.

In general, if the account was opened after the marriage, if both parties contributed to it or if deposits were made during the marriage by either person, it is considered marital property and will be treated as other assets that are being divided up between the couple. Definitely, any account in both names will be split.

There is a chance a bank account could be held as non-marital property if it is in one person's name and was opened before the marriage. However, the person could not contribute to it during the marriage or it could be deemed marital property. In addition, an inherited account or an account with money that was gifted to one person could also be considered non-marital property.

Money Talks News notes that if a person is concerned about money during the divorce before things are finalized, it is best for him or her to open a separate bank account for his or her own money. This is likely still going to be considered marital property, but at least during the divorce, the person can protect their own money from being removed from a joint account.

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Gatlin Voelker,PLLC

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