In a divorce,savings account not in joint names.

[chalos666]

What is the name of your state (only U.S. law)? Maryland
I have a savings account in my name only. How do I figure a way to keep it legally. Do I need to declare it as marital assets if it was in my name? I need it for legal fees and new living arrangements. I need it. can I add a joint owner to protect it. If I give it away do I have to repay it.I have not been asked to disclose assets yet. thank you

 

[mistoffolees]

What is the name of your state (only U.S. law)? Maryland
I have a savings account in my name only. How do I figure a way to keep it legally. Do I need to declare it as marital assets if it was in my name? I need it for legal fees and new living arrangements. I need it. can I add a joint owner to protect it. If I give it away do I have to repay it.I have not been asked to disclose assets yet. thank you

If the divorce has been filed, you should have received some instructions from the court telling you that you can't squander or hide assets.

The name on the account is only one of the things to consider in determining whether it's separate or marital property. If it was received as a gift or inheritance, then you're probably OK as long as you never mingled it with other assets. OTOH, if you have your paycheck deposited into a joint account and then move the money from the joint account into this separate account, it's almost certainly marital. So a lot depends on the specifics of where the money came from.

That said, you ARE entitled to use marital assets for living arrangements (within reason) and legal expenses, so it may not matter all that much. However you do need to start setting up a separate account after the divorce is filed.

 

[LdiJ]

What is the name of your state (only U.S. law)? Maryland
I have a savings account in my name only. How do I figure a way to keep it legally. Do I need to declare it as marital assets if it was in my name? I need it for legal fees and new living arrangements. I need it. can I add a joint owner to protect it. If I give it away do I have to repay it.I have not been asked to disclose assets yet. thank you

You can use it for your legal fees and basic living arrangements, but you still have to disclose it and disclose what you used it for.

If it was a premarital asset, or the money came from a gift or an inheritance, then it is separate property.