I am in the process of getting a divorce and have filed the paperwork for a dissolution of marriage.
When is our money/accounts divided?
We currently have a joint bank account. I'm assuming all monies made prior to the divorce is both of ours and will not be divided until after the divorce is finalize? Or is it divided on the day I filed the dissolution of marriage paperwork? We plan on splitting everything 50/50 and I live in Indiana.
Briana: I was divorced in 2009. There other things (assets) to be considered also besides money like a house and retirement benefits. In most States the assets are split 50/50. During the divorce process we filled out financial forms called "discovery". We had to put down on a form all the bank account and retirement CD info. (show the money) and whether or not is was jointly held or individually. In my divorce I got the cottage and he got his 401K retirement and I get his social security when he passes (an equal amount, 50/50 "on paper"). I did not have any joint bank accounts with him and all we had together was a line of credit, one Dept. Store credit card and one joint major credit card - nearly all the charges were his so he paid it off. The Lawyer told me during the divorce process (before the divorce was final and after he filed) to cancel/close all things we had jointly). My ex still had one Dept. Store card and a line of credit he was using after the divorce was final and it showed up on my credit report so I had to close them both (did not know about them). I hope you have a Lawyer to advise you on these things and keep checking your credit report. A Lawyer will also tell you what to do with regard to taxes. Find out what the divorce laws are in your State. Hope this helps.