QUESTION: My wife and I have a main joint account, but I also have my own separate account. Will this be split in our divorce as well?
MY RESPONSE:
Net community property is divided 50/50 in a divorce.
Merely because you had your own account in your own name doesn't change its community property character.
However, if you had separate property funds in an account (premarital funds, post-separation earnings, or funds received as a gift or in an inheritance), to the extent that you can trace those funds to a separate source, you can get those funds reimbursed to you before the balance of the funds in the account are divided 50/50.
This educational blog is brought to you by DONALD F. CONVISER, an effective and aggressive Los Angeles Family Law Attorney and Divorce Lawyer serving clients in the courts of Los Angeles and Ventura County for over 35 years,owner of Warner Center Law Offices, with offices in Woodland Hills and Century City. Call 888.632.4447 or 818.880.8990 for a free confidential consultation with a Certified Family Law Specialist to discuss your divorce or family law issues. | www.conviser.net | www.conviserfamilylaw.com |
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