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How can bank accounts be protected in a divorce?

If you have a bank account and are going through a divorce in Illinois, you likely wonder if you are going to have to give your spouse part of that account. In general, the answer is you will have to split it, but there are some different factors that will determine this. In some cases, you may not have to split your account or share it at all with your spouse.

It mainly comes down to when you opened the bank account along with how and when you contributed to the account, according to Zacks. Typically, if you owned it before you got married, it may be protected and not considered part of your marital assets. However, the interest earned on any account, even those opened before the marriage, may be considered marital property and part of your divorce settlement. If you opened it and only put money into it that you inherited or were given by someone else, then it may not be considered marital property.

Generally, though, any account opened while you were married, even if it was only in your name, will be marital property and must be considered in your divorce. If you both contributed to an account, then it is definitely marital property. Making any changes to an account or spending money from an account that is considered marital property before your divorce is finalized could lead to issues, so it is important to be aware of the status of any bank accounts. This information is only intended to educate and should not be interpreted as legal advice.

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