On top of the demanding emotional toll, there’s a long list of financial to-do's when you’re going through a divorce. Splitting up assets — including bank accounts, retirement accounts, your house, and other investments — can be tedious and time-consuming. Plus, you want to make sure you walk away from the marriage with as much financial stability as possible.

While dividing assets in a divorce can get complicated, staying organized and taking things one step at a time can help.

Read on to learn how bank accounts are generally handled in a divorce. But don’t hesitate to consult legal and financial professionals, who can advise you on your specific circumstances.

How bank accounts are handled in a divorce

When going through a divorce, your assets, including bank accounts, aren’t always split down the middle. How bank accounts are handled in a divorce depends on a few different factors, including whether the bank accounts are marital or separate property and whether you live in a state with equitable distribution or community property laws.

Keep in mind that bank account type — that is, whether you’re dealing with an individual account or a joint bank account — may matter less than you think.

Marital vs. separate property

A married couple’s assets generally fall into one of two general categories: marital property or separate property.

Marital property includes most assets the couple accumulated during marriage. This can include bank accounts, real estate, vehicles, investments, life insurance, and more. Generally, even if only one spouse’s name is on a marital asset, it’s still considered marital property. For example, your individual bank account can still be considered marital property if you opened it while married.

Separate property, on the other hand, refers to assets owned by one spouse alone. This typically includes assets each spouse owned before marriage, individual inheritances, and certain assets that both spouses agree, in writing, are separate.

Once it’s clear which assets are considered marital property and which are considered separate property, marital property can be divided between the couple according to either equitable distribution or community property rules, depending on the state where they live.

Read more: What is a joint bank account and how does it work?

Equitable distribution vs. community property law

Equitable distribution and community property law determine how marital property is divided during a divorce, and the state where you live determines which of these laws applies to you.

Most states are equitable distribution states. This means marital assets, including bank accounts, are divided based on what’s fair — but not necessarily what’s equal.

There are nine community property states where asset ownership is generally considered to be split 50/50 between both spouses. This usually means each spouse walks away from a divorce with an equal portion of marital assets. The nine community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

Based on these rules, you may leave a marriage with a bank account you owned before getting married. But any money you or your spouse earned during the marriage — plus any new accounts either of you opened — will likely be divided equally if you live in a community property state. If you live in an equitable distribution state, those assets will be divided fairly, but not necessarily equally.

How to protect your money when going through a divorce

No one gets married intending to get divorced later on, so thorough preparation is often overlooked. For example, you may not have created a prenuptial agreement to determine what would happen to your assets in case of divorce.

Regardless, there are several steps you can take to protect yourself and your money when going through a divorce.

• List your assets and liabilities: A fair distribution of assets starts with knowing what you and your spouse own. Make a thorough list of everything you own, separately and jointly, and the value of each.

• Keep detailed financial records: Along with taking inventory of everything you own, you should keep thorough records of financial transactions. This can help you determine how much you may need to cover your individual expenses (and those of any children) and will help the court make fair decisions when dividing assets.

• Open an individual bank account: During the divorce process, you’ll want to open an individual bank account if you don’t already have one. This ensures you have a safe place for your money that’s yours alone. In general, you should be transparent with both your spouse and the court when opening and funding any new accounts.

• Hire legal help: Divorce can be legally and emotionally complex. Hiring a professional can help relieve the overwhelm and ensure you walk away with what’s rightfully yours.

Common questions about bank accounts and divorce

Can I empty my bank account before a divorce?

It may not be wise to empty your bank account before a divorce. During the divorce process, the court will review your financial records and notice anything out of the ordinary. Hiding money and taking other dishonest actions can have serious consequences in court, including fines and legal fees.

Should I open a new bank account before getting divorced?

If you don’t have your own bank account, it may be a good idea to open one before getting divorced. This way, you have access to money your spouse can’t touch. Talk to a legal professional to determine the best time to open a new bank account.

What if I have a secret bank account?

Having a secret, separate bank account doesn’t necessarily mean the money in that account is safe in a divorce. The distribution of bank accounts depends on whether the asset is considered marital or separate property and whether you live in a community property or equitable distribution state.

In other words, whether or not your spouse is aware of an asset doesn’t impact who gets it in a divorce. Additionally, hiding assets can work against you in court, where a judge may penalize dishonest behavior.

What should I do if my spouse and I can’t agree on how to split our money?

If you’re struggling to split assets during a divorce, hire professional help. Attorneys and financial advisors can help you come up with an arrangement that takes both individuals’ needs into account.