Is My Separate Savings Account Subject To Property Division?

Omaha Nebraska Divorce LawyerQuestion:

My wife and I are going through a divorce, and I would like to know if my separate savings account is subject to property division.

While I was deployed I saved $5,000 in my own savings account. I was planning on using my savings to find an apartment and buy furniture, new clothes, etc., so I could live on my own once I returned.

My wife is saying that she is entitled to that money, but if she gets half I wouldn’t have enough money to find an adequate place to live and furnish it.

Can I use my savings to purchase those items prior to the final divorce hearing?

Answer:

I am unable to give you legal advice on divorce. I can give general divorce help for men, though, my knowledge is based on Nebraska and Iowa divorce laws where I am licensed to practice.

I believe the confusion may lie in when the money was obtained and through what source. Many questions would have to be answered prior to telling you if the money is divisible.

Was the money earned or saved after the filing for divorce or after separation? Was the money in any way a gift? Was any portion disability pay or inheritance?

Unfortunately, assets earned or acquired during the period of marriage are typically divisible no matter the locale of one spouse.

Divorce Resources:

Property Division Laws

Without knowing the answer, you could run the risk of owing your spouse a portion of the savings account should you spend the money. This could result in a judgment being entered against you.

However, buying basic necessities should not be prevented as judges do not want to leave spouse’s destitute; it just could result in owing money to your spouse at the end.

Remember, I am unable to provide you with anything more than divorce tips for men, so please consult with a divorce lawyer in your jurisdiction.

To arrange an initial consultation to discuss divorce rights for men with a Cordell & Cordell attorney, including Omaha, Nebraska Divorce Lawyer Jamie Kinkaid, contact Cordell & Cordell.

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