Can I Open a Separate Bank Account in a Texas Divorce?

 Posted on May 28, 2024 in Divorce

A major part of the divorce process is dividing marital assets, or what Texas law calls community property. This is property that belongs to both spouses jointly. The general rule is that any asset that was acquired by either spouse during the marriage — with some exceptions — is community property and should be divided between both parties.

The procedure for dividing these assets is complex. It is also taken very seriously by courts because spouses sometimes try to hide money from their spouses during this process.

Opening a separate bank account during a Texas divorce is not illegal, but it can mean certain things when it comes to dividing assets. Consult a Texas attorney about whether the time is right for you to open a separate bank account.

When Can I Start Separating My Assets?

You do not need to wait for the court to begin separating your and your spouse’s assets. However, it should be done together with your spouse. If you do it without your spouse’s consent or knowledge, he or she may think you are trying to steal community property. In that case, he or she can ask the court to issue a temporary restraining order on the assets until everything has a chance to be divided. This means that your bank accounts would likely be frozen.

So, if you want to open a separate bank account during divorce, make sure you do it with the consent of your spouse. 

Be Transparent

It is not enough to be transparent with your spouse when opening a separate bank account, however. You must also be transparent with the court.

At the start of the property division process, each spouse must submit to the court a financial disclosure. This is a document in which each party lists his or her:

• Assets

• Liabilities

• Expenditures

The financial disclosure process is when some spouses try to hide their assets through a variety of methods. One of those methods is leaving out assets from the disclosure forms, which is illegal and considered fraud. If you open a separate bank account, make sure to list it in the financial disclosure so that the judge does not think you are trying to hide property.

Contact a San Antonio, TX Community Property Lawyer

Opening a separate bank account during a divorce can be a red flag to the other side and the court if it is not done correctly and at the right time. The best way to know how and when it should be done is to first consult a Bexar County, Texas community property attorney. He or she will be able to help you open a bank account safely and transparently.

At Brandon Wong & Associates, we understand the property division process and we know what courts are looking for. Let us guide you through property division smoothly and safely. Call 210-201-3832 for a consultation today.