Results 1 to 2 of 2
  1. #1

    Default Community Property and Interest in Joint Accounts

    My question involves a marriage in the state of: North Carolina and Texas

    Unfortunately, I recently got word that my parents are separating (after 35 years together). One of the things I thought of, though, is that, if this leads to divorce, there's the issue of division of assets and question that I thought of.

    Until very recently, due to my father being in the US military until last January, his legal state of domicile was Texas, a community property state, as was my mother's. Most of the assets they acquired during that time was while both my mother and my father were resident in Texas, including, most relevant to me, some savings bonds and my bank accounts which also have my mother's name on them because the majority of these assets were obtained and opened when I was a minor, and I've kept her name on the account due to going to school out-of-state (currently, I'm in Ohio) so that someone can more easily deal with the bank in case issues arise. In the case of my savings account, it's a "beneficiary account" where it's titled "John Doe by Jane Doe", but my mother and I are equal owners of my checking account.

    However, all of the joint assets I have are held in North Carolina, which does not have a community property regime, and I have been domiciled in North Carolina since 2008 (i.e. longer than my parents have been).

    I might be making this out to be more complicated than it probably is, but the question boils down to this: would my father have any legal interest/title to the assets I have jointly with my mother, and, if so, how would division of property due to separation/divorce affect those assets?

  2. #2
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Community Property and Interest in Joint Accounts

    Quote Quoting bloodbath
    View Post
    My question involves a marriage in the state of: North Carolina and Texas

    Unfortunately, I recently got word that my parents are separating (after 35 years together). One of the things I thought of, though, is that, if this leads to divorce, there's the issue of division of assets and question that I thought of.

    Until very recently, due to my father being in the US military until last January, his legal state of domicile was Texas, a community property state, as was my mother's. Most of the assets they acquired during that time was while both my mother and my father were resident in Texas, including, most relevant to me, some savings bonds and my bank accounts which also have my mother's name on them because the majority of these assets were obtained and opened when I was a minor, and I've kept her name on the account due to going to school out-of-state (currently, I'm in Ohio) so that someone can more easily deal with the bank in case issues arise. In the case of my savings account, it's a "beneficiary account" where it's titled "John Doe by Jane Doe", but my mother and I are equal owners of my checking account.

    However, all of the joint assets I have are held in North Carolina, which does not have a community property regime, and I have been domiciled in North Carolina since 2008 (i.e. longer than my parents have been).

    I might be making this out to be more complicated than it probably is, but the question boils down to this: would my father have any legal interest/title to the assets I have jointly with my mother, and, if so, how would division of property due to separation/divorce affect those assets?
    He could certainly try to argue that those assets were marital funds, but your mother can argue that they are not and then it would be up to a judge to decide. Is your father the type of person who would actually attempt to do that?

    1. Sponsored Links
       

Similar Threads

  1. Bankruptcy Issues: Bankruptcy and Joint Mortgage Accounts
    By Angie.Grube in forum Bankruptcy Law
    Replies: 5
    Last Post: 03-08-2013, 05:32 AM
  2. Garnishment and Execution: Frozen Joint Accounts
    By jeff1946 in forum Civil Procedure
    Replies: 3
    Last Post: 02-09-2010, 03:46 AM
  3. Guardianship: Joint Accounts
    By jade3100 in forum Disability and Elder Law
    Replies: 2
    Last Post: 01-09-2009, 05:05 AM
  4. Replies: 2
    Last Post: 12-13-2008, 10:06 PM
  5. Trusts: Trust Or Joint Accounts
    By hheller in forum Estate Planning, Administration and Probate
    Replies: 2
    Last Post: 04-16-2008, 05:49 PM
 
 
Sponsored Links

Legal Help, Information and Resources