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Can my wife claim half of my foreign savings account in a divorce?

Can my wife claim half of my foreign savings account in a divorce?

Full question:

Regarding divorce could my wife get half of my saving account outside the united states or the law of halving half the money is just related to the bank accounts inside America?

Category: Divorce
Subcategory: Property Settlements
Date: 04/07/2025
State: Michigan

Answer:

In Michigan, all assets must be disclosed during a divorce, regardless of where they are located. The division of property is based on equitable distribution of marital assets, meaning that the court will consider what is marital property versus separate property. Generally, each spouse is entitled to their own separate property, while marital property is divided equitably.

Michigan is a no-fault divorce state, but fault can influence property division. A Judgment of Divorce must address various interests, including:

Restoration of property as just and reasonable (MCL 552.19).
Awarding property for support and maintenance (MCL 552.23).
Addressing claims related to real property (MCL 552.101).
Determining rights to life insurance, pensions, and retirement benefits (MCL 552.102).
Disclosing property interests under oath (MCL 552.22).

In summary, your wife could potentially claim a portion of your savings account located outside the U.S. if it is deemed marital property. It’s essential to disclose all assets during the divorce process.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

How do I protect my bank account during divorce?

To protect your bank account during a divorce, it's crucial to keep all financial records organized and transparent. Avoid withdrawing large sums or transferring money to other accounts without documentation. Consider consulting a divorce attorney to understand your rights and obligations regarding asset disclosure. Additionally, you may want to open a separate account for your personal expenses and ensure that your spouse does not have access to your accounts. Remember, all assets must be disclosed during the divorce process.

Is my savings account safe from divorce?

In a divorce, your savings account may not be completely safe. If the funds in the account are considered marital property, they could be subject to division. In Michigan, all assets must be disclosed, and the court will evaluate what is marital versus separate property. If your savings account was established before the marriage and has not been commingled with marital funds, it may be considered separate property.

Can my wife take half my bank account?

Yes, your wife may be entitled to a portion of your bank account if it is deemed marital property. In Michigan, assets acquired during the marriage are generally subject to equitable distribution. This means that the court will assess the contributions of both spouses and determine a fair division of assets, which may include your bank account.

How to protect your savings from divorce?

To protect your savings from divorce, maintain clear records of your financial assets and avoid mixing marital and separate funds. Consider consulting with a divorce attorney to understand how your savings may be classified. It's also wise to avoid making significant withdrawals or transfers that could be perceived as hiding assets. Transparency during the divorce process is key to protecting your interests.

How do I protect my savings account from divorce?

To safeguard your savings account during a divorce, keep your finances organized and avoid any actions that could be viewed as hiding assets. Consult a divorce attorney for advice tailored to your situation. If your savings were acquired before the marriage and remain separate, they may not be subject to division. However, full disclosure of all assets is required during the divorce process.

Does my wife get half of my savings?

Whether your wife gets half of your savings depends on how the court classifies those funds. In Michigan, if the savings are considered marital property, they may be subject to equitable distribution. This means the court will assess various factors to determine a fair division. If the savings were acquired before the marriage and kept separate, they may not be divided.