If you're getting a divorce, one of the biggest decisions ahead of you and your spouse is how to divide assets. It might be tempting to try to put some money away in an account of your own, especially if you're angry at your spouse or afraid you won't get your share. But according to the family law professionals at Darby Law Firm in Morristown, TN, you should be extremely careful in handling marital assets leading up to your divorce. While you will need to open an account of your own at some point, Darby Law Firm recommends consulting a lawyer about the particulars.

Why You Need to Be Careful

Hasty financial actions during the divorce process can have serious consequences. If one party in a divorce tries to deprive the other of their share—for example, by transferring money out of a joint account or spending it—they're likely to be penalized in court and may owe money back to their former spouse. This can also predispose the court to favor the other party when dividing assets. 

When You Can Use Joint Assets

You do have the right to use marital funds to pay for legitimate needs, such as food, housing, and an attorney for the divorce. To demonstrate you're acting in good faith and not spending maliciously, keep a careful record of where the money goes throughout the divorce process. If you can show the court you've only paid for necessities, you won't be held liable for the missing money.

When to Open a New Account

If you're worried your spouse may try to hide money, some lawyers will advise you to move enough funds to cover your needs into a separate account. You'll also want to redirect your paycheck into the new account, particularly if your spouse is squandering marital assets. You may still be required to return some money to your spouse, but a separate account will help protect you in the short term—as long as you don't misuse it.

As you work out the financial arrangements and custody agreements in your divorce, remember that the court won't approve attempts to punish your spouse financially. They're concerned with distributing marital assets fairly, and that's the standard you should keep in mind. If you need help with your bank accounts during a divorce, consult with Darby Law Firm today. These legal professionals will work with you to ensure your financial future remains protected. Give them a call today at (423) 585-0112 to schedule an appointment, and visit them online for more information on their services.