How to Manage a Money Market Account During a Divorce

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In some states, half of a money market account can be left for the other spouse without repercussions. Manage a money market account without being penalized with help from a certified family mediator in this free video on family law and divorce.

Part of the Video Series: Family Law
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Video Transcript

You may find yourself in the middle of a divorce, and you're dividing assets and liabilities, and one of the assets that's concerning you is your money market account. Hello, I'm Robert Todd, and I'm here to answer the question, How to Manage A Money Market Account During a Divorce. Well, the first thing to consider is that in all fifty states, the law is going to vary. So you want to check the law of the state in which you have been man and wife. The next thing to consider is whether or not you can take half of that money market account, open up a new money market account with one half of those proceeds, leaving the other half for your spouse. Now in some states you can do this without repercussion, in other states there would be repercussions. If you check the laws in your state and you're unsure, hire the services of a family law attorney to give you counsel to make sure that by doing that you're not doing something wrong and you're not going to be penalized by doing that. It will be money well spent. I'm Robert Todd, and thank you for watching.

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