Should savings be divided in a divorce?

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Savings are part of the wealth built up during the marriage, and as such they will usually form part of the joint assets to be divided equally between the spouses, unless otherwise agreed. This can be a source of conflict in divorce settlements, especially when one party is fond of spending money while the other prefers to save.

When spouses separate, all bank accounts are usually merged and assets are divided equally between them. This may come as a surprise to many. If you brought savings with you into the marriage, you are basically able to take them out with you. However, it can be difficult to prove what was in the account when you got married, especially after many years of marriage where there may have been various expenses such as holidays, home improvements, etc. This can make it challenging to determine exactly what money is still in the account upon divorce.