Take 2 — Mad money: the extra money a wife puts aside "just in case".

posted 2 years ago in Legal
Post # 4
2791 posts
Sugar bee
  • Wedding: May 2015 - Walnut Hill Bed & Breakfast

I think the hardest part will be making it legally yours and not shared. Surely it’s possible but I’m not sure how. The rules could differ based on where you live.

Is there a reason you’re worried and setting up your own account in case you need to get out of the marriage?

Post # 5
2642 posts
Sugar bee
  • Wedding: September 2012

gemchick82:  MUCH better!  I know sometimes it does weird things and posts a shit ton of code… hopefully that bug will get fixed soon.

Anyway, I am a bit confused – is this money you intend to save in case of divorce?  Or do you just want a seperate emergency savings account that your H cannot have access to because you’re worried he might spend it?  If the former, I think you need to talk to a lawyer in your state (since the laws vary).  He/she would know the best way to establish the account as a non-martial/shared asset.  If it’s the latter, the bank should be able to set up the account so only you can access and your H can only access it if you die.

Post # 7
4649 posts
Honey bee
  • Wedding: May 2014

gemchick82:  If you’re happy then no worries! Have your separate account!

Post # 8
9859 posts
Buzzing Beekeeper
  • Wedding: May 2014

gemchick82:  You can have a single account in just your name, if you were to separate I don’t know what that would mean legally witout a pre-nup and it sounds like you’re already married?

Perhaps an inquiry with a lawyer is the best option if you really want to be sure it’s a non-marital asset.

If you’re more concerned about the bank accidentally giving your husband access (which I know has happened to other people) have the account at an institution where you hold no joint account and your husband has no personal accounts either.

Post # 10
716 posts
Busy bee

What state do you live in?  Google the laws of marital property in your state.  Generally though, what’s earned during marriage is yours jointly and barring a pre-nup that addresses the subject, judges have discretion to determine what allocation of assets between two divorcing spouses is “fair”.

Post # 12
413 posts
Helper bee

Hmmm, I think now that you’re married and the money was accumulated after marriage, this is now a marital asset. I think what you’re doing is very smart. I was the bread winner (or so he led me to believe so I would pay all the bills) and my ex was horrible at saving money and I owned everything so I got a pre-nup.  shit happens. CYA! What if you opened an account at a different institution and just didn’t tell him? My divorce was easy bc of the pre-nup so I don’t know if they really dig to find all your bank accounts? But for the time being,I think that’s the easiest route.

Post # 13
3432 posts
Sugar bee

gemchick82:  It depends on where you live.  Some states see that any assets accumulated in marriage are fair to split half and half, not looking at who may have brought in more.  Some states see it as whatever you bring in, you take back out when you divorce.  I’m not saying you will divorce, I’m just saying this is a factor in looking at where to bank.  But if you know you’re not going to divorce, why do you have to have an account that won’t be considered a marital asset?

Post # 15
996 posts
Busy bee
  • Wedding: July 2016

gemchick82:  I think this is something you need to discuss with a lawyer, not really something anyone can answer with expertise on Weddingbee (esp because we can’t know your particular situation & many of these laws are specific to your location). 

Also, I don’t know your relationship with your husband, but maybe it’s something to talk about with him, rather than keeping it a secret from him.

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