Is your spouse entitled to your FU fund?

Become a personal finance expertSubscribe to our thrice-weekly personal finance newsletter that makes you smarter about your money.In this weekly column, we’ll help you sort out financial gray areas—from prenups to inheritances and more. Submit your money matter here. Hi, Money Scoop. I’m an elder millennial in Texas who is married and has two children. I make about $42ka year while my spouse makes about $95k. I believe we’re going to split soon. I have about $32k in retirement accounts, and I recently started an FU account where I’m saving about $400 a month. Will my spouse be entitled to my FU money if we end up divorcing?—Soon-to-be ex in TexasWhile I don’t know the nuances of your particular situation, I do know that Texas is what’s called a “community property” state . This means your spouse could be entitled to a portion of the money you’ve been setting aside. In many community property jurisdictions, any income earned by either spouse is considered joint property, even if a portion of that income is saved in a personal bank account. I’m guessing that the money you’re putting into your secret bank account is coming directly from your paycheck, which means your spouse could have a legal right to claim some of that cash during the divorce proceedings. On the other hand, you could have a legal right to claim some of the income earned by your spouse—and if they have a secret bank account, that cash may need to be divided up as well. A lot of this is going to depend on whether or not you set up a prenup before you got married—and whether your divorce lawyers can negotiate an amicable settlement. Keep in mind that these negotiations will include not only assets earned during the marriage but also alimony, child support, and other post-divorce financial transactions. What you really need to do is talk to a Texas divorce lawyer. Today. They’ll be able to provide specific advice and let you know whether you can expect to keep any of the money you’ve been socking away.—Nicole Dieker, Money Scoop guest columnist

Leave a Comment

Your email address will not be published. Required fields are marked *