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Q:  During a divorce and separating finances, will the joint bank accounts with just me and the children be split as community property? Or will they remain untouched? Main concern that the savings I, alone created for the kids have to be split with the respondent party?

Answer

This account would be community property. It was funded with community money, therefore it is community property. Had you set up the account as a trust for the benefit of the children, you could preserve that account as the children’s. You can definitely try and argue that it is the children’s money especially if you had proof that the account was established for the children and your spouse knew of this arrangement and agreed to it. You could also sit down with your spouse and ask that you both enter into a stipulation that the account be maintained for the children. He may agree to it, if not you will have to litigate this matter.

Posted in: Divorce, Family Law, Property Division

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