A recent survey conducted by Bank of America shows that 28% of married Millennials avoid setting up joint bank accounts with their new spouses. They’re instead keeping their finances separate. Some financial analysts think that they’re doing that to protect their money in case they end up getting divorced. What many of them don’t realize is that doing so doesn’t keep their spouse from laying claim to their money, though.
The number of baby boomers and GenX couples that once kept their money separate from their new spouses was double that of Millennials that do it nowadays.
Many Millennials have steered clear of setting up joint accounts because they’ve watched their own parents’ marriages crumble. They’ve seen how previous generations have worked hard and then walked away from their marriages with little to show for all their hard work. They don’t want that to happen to them.
Some Millennials have gotten their head wrapped around the idea that if they keep their money in an account only in their name, then their spouse won’t ever be able to lay claim to those funds. They also assume that if a husband or wife is the only name listed on the deed to a house, then it would remain their’s alone if they divorced. This isn’t the case though.
Virtually every state including Florida has laws on the book which allow for any income generated or property acquired after marriage to be considered as marital assets.
One way to avoid it being considered as such is if it was included in a pre- or post-nuptial agreement. Certain assets such as gifts or inheritances that are earmarked for a single spouse may be deemed to belong to the husband or wife alone provided that they’re not co-mingled with joint funds.
Many legal analysts describe Millennials’ choices to maintain separate bank accounts as nothing more than something that’s psychologically beneficial. They argue that it has little standing in the court of law.
If you’re preparing to get married, then it can be beneficial for you to speak with a Kissimmee family law attorney about a prenup. If you’re already married and considering divorce, then a property division attorney can provide you with sound advice about how to best protect your hard-earned assets.