A spouse’s unusual or secretive financial activity could indicate that the spouse is considering divorce, or it could simply be an effort to protect a couple’s money if the other spouse is irresponsible. In San Jose, if a couple does divorce, it is under community property laws, so moving marital assets to an individual account will usually not affect how property is divided. However, a person whose spouse is using shared marital assets for an individual account may have legal concerns.
For example, one couple was each given about $40,000 when they both lost their jobs. They also sold their home and received around $90,000 from the sale. The man found another job and had his paycheck deposited into the couple’s joint account. However, his wife took her money from the job and the $90,000 and placed it into an account in her own name. She moved money from the account each month to cover bills and did not heed her husband’s request to either move the money back into their joint account or retitle the account in both their names.
A person in such a situation might want to document any communication about the issue. It might also be possible to contact the financial institution to discuss how the money might be retrieved.
In a high-asset divorce, there may be a number of complex financial issues. People who believe a spouse is hiding assets might want to bring this to an attorney’s attention. If both spouses are being honest and are willing to be cooperative, it may be possible to negotiate an agreement for property division and child custody. It will first be necessary to determine what assets are considered shared marital property. There may be room for flexibility in property division even in a community property state.