Will I Get to Keep My Savings after a Divorce?

savings

When love turns sour, and you and your spouse decide to make among the hardest of life’s decisions, divorce, several questions often suffice. The question that you might be battling with is, will I get to keep my savings after a divorce? Well, when it comes to divorce and the question of property distribution, what each party gets to keep is dependent on various factors. To protect your interest and get an allocation of a fair share of the marital assets after a divorce, always ensure that you are in direct consultation with a divorce attorney in Arizona from the law office of Fruchtman Law Firm. 

Arizona is a community property state; meaning, in the event of a divorce, the divorcees get to share property equally using the fifty-fifty standard. You, however, need to note that not all property that spouses own is classified as community property because married couples can still own personal assets, either inherited or acquired separately before marriage. Distinguishing community and non-community property can prove to be challenging; suppose you intend to file for divorce, a divorce lawyer in Arizona from the Fruchtman Law Firm can help you get a distinction between the community and non-community property. 

What part of my savings do I get to keep after a divorce? 

As a married couple, savings and checking accounts are regarded as community property regardless on whose name the account bears. Therefore during the division of property, both parties will receive money from the accounts irrespective of who owns the accounts. However, you need to note that the savings you had in your account before the marriage will be regarded as separate property. Therefore the law recognizes such savings as separate property that should solely be allocated to you. 

Due to the confusion that often arises when distinguishing between the community and non-community assets in Arizona; going through the divorce process alone can be disadvantageous to you. To avoid the confusion mixed up with the emotional distress divorce courses, contact an Arizona family law attorney for guidance with your case.