although I am married, can I open a checking or savings account using only my maiden name?

Question

I have been told that altho I have 2 checking accounts under my name only:first name, maiden name like middle name + husband's name listed last (not hyphenated) if a divorce occurs, the money would be part of the marital assests, subject to husband getting some of this money. If I can open an account under maiden name only, is that money subject to being counted as part of the marital assets? Or do I just hide cash in a shoe box??

Answer 1

Short answer: you can use your maiden name whenever you want. However, this doesn't make the money "more yours" in any way. Think about it: there are many women who keep their maiden names after marriage, but the same laws apply to them.

Whether the money counts as marital assets depends on where the money comes from. Generally, all $$$ accumulated during marriage is considered marital assets. Common exceptions are inheritances, and income that's agreed to as exempt from marital assets in a pre-nuptial agreement.

Answer 2

Ah, the age-old money-hiding question.

It actually depends on the state in which you live. Almost everything you and your spouse acquire during your marriage is marital property (i.e., the family home, as well as non-tangible things such as retirement benefits). Marriage affords you the right to share in each others' gains and losses.

In the U.S.A there are two very different divorce standards, equitable distribution and community property. There are currently 10 "community property" states and 41 "equitable distribution" states.

Keep in mind that the more you know about your state's divorce laws, the more organized you are and the more involved you are in managing your divorce- the better.

Only in Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington and Wisconsin will division begin at 50-50 if the marriage ends in divorce. These are the only states that now have community property laws. Here are some things to keep in mind:

Get a lawyer. It will really help. If you're trying it without a lawyer, use a friend that has gone through it.

Regarding the bank account, it's relatively straight-forward for a lawyer to search for accounts held by your SOCIAL SECURITY NUMBER rather than by your NAME. So be careful. It could backfire if you're seen as secretive and hiding money. (Best idea is to open an account in your parent's or siblings social security number and have them give you access. Shhhh!)

Good luck. Keep it civil.

Answer 3

1. I believe that money would also be counted as part of the marital assets since it would be opened after the marriage and the timeline is more important than the name on the account.
2. If you're thinking of hiding your money in a shoebox, why are you still married?

Answer 4

To be sure, I'd speak to an attorney who knows your jurisdiction's laws.

That being said, if you legally changed your name when you got married, then opening a new account under your maiden name is little different (legally) than opening one under "Jane Doe," as far as the law is concerned.

It also appears as if you want to do this in order to hide marital assets from the court in case of a divorce - something they take a dim view of, I'm sure. Is he hiding marital assets from you? How would you feel if you found out that he was?

Again, check with your attorney if you're contemplating divorce.

Answer 5

That is true, since it's under both of you alls name, it is divided. I believe you can't open an account using only your maiden name if you've already changed it, remember, when you get money out, they need your id so it all depends on what your id states. Just keep one thing in mind. If you go into a relationship thinking that a divorce is going to occur, then it will happen. Which it's a very negative thought.

Answer 6

I would wonder why you are concerned about divorce. Is this something you are contemplating? Knowing the courts well, I would say anything you can hide is to your advantage. You could even have someone else's name on the account with your name as trustee. There are also laws about marital assets, length of marriage and whether of not there are are children.

Answer 7

The simple answer is yes, you can open an account provided you have the appropriate identification which proves the name and taxpayer ID number match. However, that does not protect assets from your marriage partner in a community property state here in the US. A good forensic accountant will find every account either of you have. The only way to avoid sharing is to hide it in cash, but this is breaking the law in a community property state and if discovered could get you some jail time. Of course, a community property state simply says assets are shared, but not always in a 50-50 manner. For example if out of every dollar paid on the mortgage, I paid 60 cents and my partner paid 40 cents,in the end when we split, I have 60% of the equity in the house to her 40%, provided I can PROVE I paid in the 60 cents of every dollar. It is not always true everything is split 50-50. A non-working housewife who earns NO income still gains equity in real estate for example, at a rate equivalent to her unpaid imcome as a housewife. Just because she did not earn actual dollars does not stop the gain in a portion of the equity. A lot of husbands do not realize this and are amazed at how much the court orders them to pay to fairly distribute the assets. Women do tend to make out better in the distribution, but end up with a substantially lower standard of living after the dust settles.

You should have accounts in your own name separate from your husband, including store charge cards and credit cards. You should work at establishing your own credit history. Should you divorce, it will be much better if you have your own accounts and credit separate from your husband. If you share one of his credit cards, and you separate, and he cancels your name on HIS account, you are without a credit card, AND that account is not a credit reference for YOU at all! If this is even a remote possibility, that you may divorce, if you do not have separate accounts and credit, start now to get your own. You only have to telll him if you divorce because the law says you have to, but until then, you don't have to tell anyone you have separate accounts, unless they earn enough interest to get taxed, and then it has to go on your tax return.

You don't fool with Mother Nature, and believe me, IRS can be much worse than Mother Nature!

Answer 8

The money you put away is part of the martial assets if they know about it. That is why guys transfer money to hidden accounts, and the lawyer go wild trying to find it. Maybe not a shoe box, but a “safe” location!

Answer 9

i hide the cash in my parents house. when settling for a divorce they check into all your assets. also it might be hard to open an account with your maiden name if you don't have proper identification.

Answer 10

I think you need to understand that marriage is forever, or else you shouldn't have gotten married and made those vows. I also think that you need to abandon your maiden name forever, and not do a separate account (in your pariticular case).

Why are you thinking like this?