What happens if I have a secret account?

When you plan to divorce in Michigan, you may think about opening a secret account to stash away some money that your spouse cannot touch. While this sounds like a good idea and a good way to safeguard against being left with no money if your spouse decides to empty the bank accounts, it can end up a huge mistake.

According to Forbes, if you hide money that the court decides is marital property, you could face serious penalties. Hiding assets is not something court takes lightly and could cause you a lot of issues during the divorce. However, you can have a secret account that is legal if you follow a simple guideline.

Make sure you only fund your account with money that is yours alone. This means you cannot use money from a joint account or money your spouse gives you. It has to be money you earned on your own or that was given only to you by someone else without the intention of you sharing it with your spouse.

Even if you have set up a legally separate account, you still have to tell the court about it when you start your divorce. You cannot hide the account. Just make sure you have proof that you funded the account with your own separate money.

Having your own account funded with your own money can give you a sense of freedom and security. It is not a bad thing as long as you go about it the right way. This information is for education and is not legal advice.

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