In divorce, finances are some of the most important and contentious aspects of the entire process. It is no surprise both parties want to do everything in their power to protect what is rightfully theirs. This can get quite messy, as the lines between what belongs to who can start to blur. Many divorcing couples worry about the state of their bank accounts especially because they want to walk away from the marriage keeping as much as they possibly can. However, this isn’t always easy.
If you are worried about whether your spouse will get half of your personal bank account, the answer is: it depends. If you and your spouse signed a prenuptial or postnuptial agreement, the details of your financial arrangements are specific to you and your situation. If there is a legal agreement in place, it is likely you discussed what would happen to the finances in the event of a divorce. However, if you did not sign any documents regarding the finances and the state of your marriage, your bank account may be up for grabs.
The state of Rhode Island employs equitable distribution, which means everything will be divided equitably, and not necessarily equally. This means anything acquired during the marriage is considered community property, and it shall be dispersed between the two parties. However, inheritances, gifts, and anything required prior to the marriage shall remain in possession of the person of whom it belongs. Anything you personally owned or earned before getting married, unless your spouse’s name was added, will remain yours.
Contact Our Rhode Island Divorce Lawyers
At TJC ESW, our Rhode Island divorce attorneys understand finances are one of the most important aspects of divorce. We strive to ensure you, your rights, and your assets are protected during this difficult time.