When spouses go through a divorce, they must go through the task of dividing their marital assets, which includes their bank accounts. In Rhode Island, assets are divided through equitable distribution. Therefore, assets are divided fairly instead of equally. However, many are often surprised to learn that even if you kept separate bank accounts while married, these assets might be subject to division during the divorce process as well.
What Type of Accounts Will the Court Divide?
Over the course of several years, it is often easy to lose track of how many accounts you or your spouse might have, so take stock of these now to ensure nothing surprises you.
Below is a list of the types of accounts subject to division:
- Savings accounts
- Checking accounts
- Money market accounts
- Certificate of deposit accounts
- Business accounts
Equitably Distributing Bank Accounts
Fair division in Rhode Island does not necessarily mean a half and half split. That said, although your assets might not get split down the middle, you can rest assured that neither of you will receive more than half of all marital assets. Before the court begins dividing your assets, however, it must decide what should be divided. Any separate property you own will not be subject to division.
Below are the types of assets a court will divide:
- Marital accounts: Any bank accounts either spouse opened throughout the marriage, contributed to with marital funds, or used to pay household expenses are considered marital accounts and are, therefore, subject to division. Even if only one name is on the account, it is still considered a marital account under these circumstances.
- Hybrid accounts: Any account that accrued interest, appreciated in value, or received contributions from the other spouse during the marriage might be subject to division.
Additionally, a judge will also consider the following when equitably distributing bank accounts:
- The duration of the marriage
- The debts of both spouses
- The tax consequences for each spouse
- Each spouse’s ability to be self-sufficient
- The age and overall wellness of each spouse
- The amount of marital funds used for each spouse’s expenditures
- When, how, and under what circumstances the accounts were opened
- Any other relevant factors
Discuss the Details of Your Case with a Knowledgeable Divorce Attorney!
Divorce is a complex process and you likely have concerns about your assets and ability to support yourself in the aftermath of your split. To ensure your interests are protected, you must hire skilled legal counsel to represent your case and advocate on your behalf. At Moyer Law, PC, our divorce team has more than two decades of experience in helping clients navigate some of the most difficult legal situations with successful results. You can rely on our knowledge and insight to ensure you make the best decisions for your situation.
Get started on your case today and reach out to Moyer Law, PC at (401) 305-2934 to set up an initial consultation to discuss your divorce case with our trusted divorce attorney.