Opening a new individual account after marriage and moving funds there

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Topic Author
Wisefox
Posts: 2
Joined: Sun Nov 10, 2019 2:44 pm

Opening a new individual account after marriage and moving funds there

Post by Wisefox » Sun Nov 10, 2019 2:58 pm

I’ve been looking for an answer to this question in this forum and online, but haven’t found a clear answer yet. Any help would be much appreciated!

So, I have a premarital account with premarital assets that haven’t been commingled. Would opening a new individual account and moving the funds there change the nature of the assets?

My gut feeling says that the assets should still be considered individual property, but I’m definitely not a lawyer!

The state is California. Let me know if you need any additional information.

mcraepat9
Posts: 1321
Joined: Thu Jul 16, 2015 11:46 am

Re: Opening a new individual account after marriage and moving funds there

Post by mcraepat9 » Sun Nov 10, 2019 4:09 pm

Wisefox wrote:
Sun Nov 10, 2019 2:58 pm
I’ve been looking for an answer to this question in this forum and online, but haven’t found a clear answer yet. Any help would be much appreciated!

So, I have a premarital account with premarital assets that haven’t been commingled. Would opening a new individual account and moving the funds there change the nature of the assets?

My gut feeling says that the assets should still be considered individual property, but I’m definitely not a lawyer!

The state is California. Let me know if you need any additional information.
No it shouldn’t but remember in a divorce you will bear the burden of proving this is separate property. A trustee-to-trustee transfer is probably best. Be sure to retain statements from the old account (prior to and after marriage through the date of transfer) to document how no community property went into the account.
Amateur investors are not cool-headed logicians.

Topic Author
Wisefox
Posts: 2
Joined: Sun Nov 10, 2019 2:44 pm

Re: Opening a new individual account after marriage and moving funds there

Post by Wisefox » Sun Nov 10, 2019 8:26 pm

Thank you, mcraepat9. That’s a really good point. Like you said, “in a divorce you will bear the burden of proving this is separate property”. Always keep statements proving where the money comes from!

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