According to a recent survey, 28% of millennials are opting to keep their bank accounts separate from their spouses in lieu of the traditional approach of having joint bank accounts. One of the reasons for this is because it has become easier to split money through applications that allow one to pay someone immediately. Another possible reason for this rise in separate banks accounts is because many millennials have seen firsthand how complicated property division is during a divorce and are keeping their bank accounts separate in an effort to make potential property division easier in the future. However, experts say that this simply isn’t the case.
In Pennsylvania, any assets acquired during the marriage by either spouse are considered to be marital property and will be divided between both parties. And as such, all assets are on the table for consideration, regardless of which parties’ account they are in.
For anyone looking to protect their assets in a marriage, the most effective way to do so is through the creation of a prenuptial or post-nuptial agreement. Visit our Prenuptial Agreement page for more information!