Separation or divorce: what happens to your savings account?
Separation or divorce: what happens to your savings account?
What happens to your savings will depend on your situation. Are you
living together? Are you married?
Savings account in the case of cohabiting partners
Own savings account
You own the money in your own savings account, by which we mean any
savings account that is held only in your name. If you separate from
your partner, those savings will therefore remain your property.
However, your partner may have power of attorney over your savings
account, meaning that your partner can access your savings. This power
of attorney can be withdrawn at any time without your partner's permission.
Joint savings account
If you have a joint account with your partner, that means you have
given each other power of attorney to manage the account. You and your
partner can both access the savings in the account as long as that
power of attorney is active. You or your partner may revoke the power
of attorney when you separate, That means that neither of you are able
to access the savings account independently anymore. You will both
have to be present in order to access the savings.
How should you split the savings?
The savings in your joint account must be split between you. If you
are de facto or de jure cohabitants, you will remain the owner
of your own sources of income, such as your salary. If you want to
split the savings, you must first demonstrate what money belongs to you.
Savings account in the case of a married couple
You are required to notify your bank if you decide to divorce.
Married with no pre-nuptial agreement
If you are married without a pre-nuptial agreement, then in the eyes
of the law you are married 'in community of property'. That means that
all of your income is shared. The money in your own savings
account can also belong to your partner from a legal point of view.
A joint savings account belongs to both partners. You may act
separately from each other, and both you and your partner can access
the money in the account. When you separate from your partner, both
you and your partner may block the account. That means that neither of
you are able to access the savings account independently anymore.
Of course, you can reach your own agreement on how to split the
money in the joint savings account (mutual consent). If your divorce
goes to court, the judge will divide the money.
Married with a pre-nuptial agreement
If you have a pre-nuptial agreement, you can be married with
'separation of property'. An agreement of this kind specifies which
assets and sources of income belong to you and which to your partner.
You should therefore refer to the pre-nuptial agreement in order to
find out who the savings belong to and how they should be split. After
all, a pre-nuptial agreement can also be a variant of the legal
system, meaning that you can still be married 'in community of property'.
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