How Should Couples Manage Separate Bank Accounts? Advice from a Family Law Attorney

How should married couples manage bank accounts in case of a divorce? Are separate bank accounts recommended? What are the pros and cons of having separate bank accounts? Your top finance questions for couples on bank accounts are being answered by Silicon Valley's top family law attorney, Travis Krepelka. Learn more about divorce and separate bank accounts here: hooverkrepelka...
Featured is Travis Krepelka discussing common concerns regarding checking and savings accounts, particularly during divorce proceedings. He addresses whether it is acceptable to have separate accounts during marriage and emphasizes the importance of transparency and adherence to fiduciary duties. Spouses in California owe each other high fiduciary duties, including good faith, fair dealing, transparency, and loyalty. Having separate accounts is permissible as long as both spouses are aware of them and their transactions. During a divorce, concerns about money being taken from accounts can be mitigated by securing half of the account balance, ensuring protection while adhering to legal guidelines. Krepelka reassures that any suspicious activity can be traced through bank statements, highlighting the importance of transparency and compliance with fiduciary duties during and after the separation process.