checking

Married with separate checking accounts

Separate accounts in divorce
Separate accounts in divorce © Ammentorp Mincemeat/Shutterstock.com

From a financial perspective, it would be best if a couple had separate checking accounts while a divorce is pending, Frank says.

"Each party should not have access to the other's account," Frank says. "The court may very well issue 'temporary orders,' which spell out how expenses will be met."

With individual accounts, spouses will be able to pay expenses for which they are responsible without interference from the other partner.

Separate accounts also facilitate the division of assets, so each party can issue and receive checks and these accounts can be maintained post-divorce. State laws determine whether new money going into either account will be recognized as marital or separate assets, which also makes tracking separate assets easier.

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