You can open your own bank account, however…
Sep 18th, 2008 by admin
You can open your own bank account at any time, however…
Washington is a community property state, which means that–with a few exceptions–income and property acquired during marriage is considered to belong to both people in the marriage. (The exceptions are gifts, inheritances and compensation from a lawsuit for pain and suffering.) As long as you and your spouse are still together, the money you earn from your job will still be considered community property, even if you put it in your own account. When it comes time to determine how you’ll divide up community property, the money in your account will be something you’ll need to divide.
When one person moves out, or when divorce paperwork is filed, the idea of community property changes. Moving out, or filing divorce paperwork, are ways of showing that a marriage is “broken”. Once this has happened, the idea is that income (and any new debt) is considered to belong to the individual and not to the couple. If you put money in your own account at this time, it is considered your separate money. This can be an important step for planning for life after divorce.