Are Separate Bank Accounts Considered Marital Property?

In general terms, all assets acquired after marriage are considered marital property. Also, generally, it does not matter if one person is listed as the owner of the property, it is still considered marital property.

To determine if a separate bank account is considered marital property, ask yourself the following questions:

1. Was the bank account opened after marriage? If yes, then it almost always will be considered marital property. The exceptions would be if the monies placed in the bank account came solely from an inheritance, gift or a personal injury award. If all the monies placed in the bank account did come from an inheritance, gift or personal injury award, then that money is considered separate property and therefore the bank account and the money in it is also your separate property.

If the bank account was opened before the marriage, then go to question number 2.

2. If after the marriage: Did you place any joint monies, your wages or other marital funds into the bank account? If after the marriage, you put your pay check, or other marital funds into this bank account, then at the very least that money would be considered marital property. Furthermore, depending on the circumstances, all of the money in the bank account could be considered marital property.

If you answered no to this question, then most likely all the monies in the separate bank account will be considered your separate property. This is because you did not place any marital funds into the bank account.

If you have questions about what is marital property or separate property, David Badanes, Esq. and the Badanes Law Office, P.C. can answer your questions and help you. If you are considering getting a divorce or you have been served with divorce papers, then call David Badanes, Esq. at 631-239-1702 or email at david@dbnylaw.com. The Badanes Law Office has offices in Northport and Uniondale on Long Island, NY.

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