Legal Question in Family Law in California
I am married and I openly have my own separate savings account. Although I have the saving account openly I keep my balance private and my question is am I allowed to withdraw a large sum or perhaps all the money from that bank account without any future legal issues? My husband and I are not legally separated or going through a divorce but should that ever happen in the future and the subject comes up that I had my own bank account, I want to know if there would be any legal issues or claim on the money I am thinking about withdrawing?
1 Answer from Attorneys
If the money was earned or acquired during the marriage, unless by inheritance or income from separate assets, and not mingled with any earnings during marriage, it is community property regardless of whose name is on the account. So no matter how you move it around it remains community property, and if you tried to hide it you would be in violation of your fiduciary duties to your spouse. In a divorce the penalty for such breaches of fiduciary duty if you are caught, is up to forfeiture of the entire balance to your spouse as THEIR separate property, plus attorneys fees for finding and proving you hid the assets.
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