20 Commonly Held — but False — Beliefs About Divorce and Money

If you plan to get a divorce, you'll need to separate the facts from the myths.

1. Myth: Keeping money in a separate account will keep your spouse from getting a share

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Although many people believe this to be true, it’s definitely not. “This is an old wives tale,” said Florida divorce attorney Eric N. Klein.

When going through a divorce, you have to complete a financial affidavit, swearing that all of the information is accurate, he explains. All assets accumulated during the marriage are subject to an equitable distribution. That means money that either spouse has saved must be disclosed at the time of final judgment.

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