Can I transfer my personal savings to my parent’s account?

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Can I transfer my personal savings to my parent’s account?

We have been seperated for 6 months. We have already seperated the household things and joint money. We have seperate bank accounts. Is it OK to transfer my money to my parents before filing divorce papers? I don’t want to lose what I have built up since we seperated.

Asked on May 8, 2012 under Family Law, Massachusetts

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Generally speaking, money earned during the marriage is marital money and the courts look to a date certain to determine when to draw the line, so to speak, and say now what's yours is yours.  That date is either a date agreed to in writing (a separation agreement etc) or a date for filing of the divorce. I would speak with an attorney about moving things along and agreeing to that date.  Otherwise you are still married and transferring the funds would be seen as dissipating marital assets.  I think that you can prove to the court the date certain here and a meeting of the minds.  You just need to be careful.  Good luck.


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