How do I open a secret bank account

BetsyTacy

Thu, Dec 02 2021, 6:30 pm

A bank will happily take $250,000 fdic insured in a non-interest bearing account.
It will help if you are planning to stay married forever, but you don't want to tempt a spouse into spending money meant to be saved for a rainy day.

It will not help if you are stashing money away to hide from the community property of a marriage that you hope not to count as marital assets in the event of a divorce.

amother

Thu, Dec 02 2021, 7:28 pm

So if you are sahm and know that in case of divorce from an abusive dh you will need some cash before you divide the property there is no way to keep some cash on the side for few years besides “under the mattress”?

amother

Mint

Thu, Dec 02 2021, 7:35 pm

amother [ OP ] wrote:

Don’t chance it by putting it in bank. I had this situation and it came out and I have to pay back half to ex.

amother

DarkGray

Thu, Dec 02 2021, 7:38 pm

amother [ OP ] wrote:

Trusted family member.

Amarante

Thu, Dec 02 2021, 7:39 pm

amother [ OP ] wrote:

That is correct because anything else is traceable.

You would be receiving no interest in a banking account anyway since interest rates are almost zero so you might as well put it someplace that can’t be traced. If it is hidden in your home it is unlikely to be stolen so you would only have to worry about fire or other natural disaster.

amother

Coffee

Thu, Dec 02 2021, 7:42 pm

It might be a bit risky and I don’t know if legal in your country but sometimes you can lend money to a gemach and get it back when you need it.
Make sure it’s an established one and have a paper with the details

amother

DarkGray

Thu, Dec 02 2021, 7:52 pm

Amarante wrote:

But that would involve lying.
Giving it to a trusted family member, who would give it back post divorce is at least not out and out lying--as it would be when op has to list all her assets and does not list the money under the mattress.

Amarante

Thu, Dec 02 2021, 8:59 pm

amother [ DarkGray ] wrote:

I am not sure how being devious is less of a lie than hiding it because in both instances one is deliberately concealing assets that are technically part of the marital estate. Ethically it is a distinction without a difference.

However OP upthread stated that there is no one trust worthy to give the money to. Giving money to a trusted person is the obvious solution of course but is not possible so is no solution for OP.

amother

Ebony

Thu, Dec 02 2021, 10:18 pm

So many ppl suggest on here for women to hide away money just in case.
So where do ladies put that $?
Not a bank account bec that has to be reported on tax returns.
Do you just keep it in the house?
Op, can you get a lawyer or accountant to keep the money in trust for you?

amother

DarkGray

Thu, Dec 02 2021, 10:27 pm

amother [ Ebony ] wrote:

If a lawyer or accountant had it, it would still be her money and legally need to be divided as part of the marital assets.
When people suggest women have their own money, the legal way to do it is to have premarital money that was never comingled as joint property. Money that was hers before marriage, that was never part of a joint account, will not be considered jointly owned and will be hers as her "just in case" money. I am not saying there are not other legal ways, but that is one. Unfortunately, this does not seem to be the case with op, so we are trying to think of legal ways for her to save up some money.

amother

Apricot

Fri, Dec 03 2021, 7:39 am

OP. Do you have a Target Redcard? You can use it to withdraw small cash amounts when you go shopping. It’s normal to pull out small amounts of cash to have on hand. Or some people do the same when they go grocery shopping. $20-$40 a time and it shows ups just as groceries on your statement. Save that cash in a fireproof locked safe. Do you have a messy attic or basement. Look for hiding spots for the safe there where no one’s going to look. Or, you can tape an envelope of money to the back of a drawer (on the outside). You can take out the color cartridge from markers and roll up cash in there. You can hide wads of cash in a box of pads or tampons. It’s too bad that you’re a SAHM because my best hiding spot was a closet at work (I’m a teacher and this closet was never opened by other staff members). You can also ask for Visa gift cards if family members want to get you gifts, and save them (check expiration dates).

amother

Apricot

Fri, Dec 03 2021, 8:15 am

Another way to get cash to add to your nest egg (I know your original question was how to open a secret bank account, but you can't, it'll be discovered and included in the assets if divorce happens), is to sell things to consignment shops or through Craigslist. I found clothes and books in Goodwill that were in great condition and resold them for cash. It can add up, slowly. But this only works if you live in an area where the thrift stores have good stuff and the prices are reasonable.

amother

Lightpink

Fri, Dec 03 2021, 8:59 am

You need a rav for halachic guidance.
Then you need a lawyer for legal guidance.
And an accountant for financial guidance.
Therapist for emotional guidance.
Then a rav to double check all of the above.

amother

Lightpink

Fri, Dec 03 2021, 9:12 am

tinyspark wrote:

Yes a reliable Gemach is your best bet, If you dont hide it in your house .

In a Gamach the money will halachically belong to her husband. She needs a rav involved here to give her guidance of what is and is not allowed and how to do it in a way which is permissible according to the Torah.