Qustion about Joint Bank Accounts and Individual Personal Ones
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Join Date: Aug 2014
Location: Texas
Posts: 1,256
Qustion about Joint Bank Accounts and Individual Personal Ones
Even though things are okay right now between my husband and me, I am concerned what would happen if we got a divorce with the bank accounts.
My husband and I have one joint banking account in both of our names. This is where his paycheck gets directly deposited each two weeks.
I have two other bank accounts and two CD's, but these are in my name only. He knows about them and does not care that they are not in his name. When he gets paid into our joint account, I will often transfer the money into my personal account. I do this because if he was to go on a binge, he would only be able to access the little bit of money left in our joint account by going into the bank and showing his driver's license (he does not have any debit or credit cards).
So, here is my question. If we decided to divorce, he would only be able to access the money in our joint account, right? I would still give him half of what we earned together in the other accounts in my name, but I would not want him to be able to touch the money in my two CD's.
I am concerned about this because I recently inherited $10,000 from my grandfather who passed away, and I put this the other day in a CD in just my name. I want to make sure that he could not have any of this money.
My husband and I have one joint banking account in both of our names. This is where his paycheck gets directly deposited each two weeks.
I have two other bank accounts and two CD's, but these are in my name only. He knows about them and does not care that they are not in his name. When he gets paid into our joint account, I will often transfer the money into my personal account. I do this because if he was to go on a binge, he would only be able to access the little bit of money left in our joint account by going into the bank and showing his driver's license (he does not have any debit or credit cards).
So, here is my question. If we decided to divorce, he would only be able to access the money in our joint account, right? I would still give him half of what we earned together in the other accounts in my name, but I would not want him to be able to touch the money in my two CD's.
I am concerned about this because I recently inherited $10,000 from my grandfather who passed away, and I put this the other day in a CD in just my name. I want to make sure that he could not have any of this money.
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Join Date: Jul 2010
Location: South Jersey
Posts: 16,633
I don't practice law in California, but it's a community property state, and any property acquired by either of you during the marriage is shared equally, I believe.
As far as I know, inherited money remains your separate property unless it is commingled with marital property.
Your best bet is to consult a lawyer. Many will give you a free consultation.
As far as I know, inherited money remains your separate property unless it is commingled with marital property.
Your best bet is to consult a lawyer. Many will give you a free consultation.
Member
Join Date: Mar 2014
Posts: 685
As far as I know, inherited money remains your separate property unless it is commingled with marital property.
If you divorce, as this is a community property state, then generally anything you EARN during the marriage will be split 50/50. An inheritance is not earned. You can take steps to protect your assets, like putting them in a separate property trust.
Btw - this is not meant to be legal advice. I'm a tax accountant and divorce comes up a lot. Lexie is right - consult an attorney.
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