Here’s the situation, wife wants to “hide” and protect money set aside for savings and retirement, etc. from husband with major gambling problem. Will having a savings or brokerage account in her name and a daughter’s name only be sufficient to protect from any “legal” proceedings (eg. Divorce, separation) or does the account need to be placed in a living trust or other estate planning tool? This issue seems to me that the money put away constitutes as “community property” in CA. CA is a community and no-fault divorce state.
2006-08-28 11:55:48 · 5 answers · asked by ntoriano 4 in Family & Relationships ➔ Family
This is a complex issue that should be addressed to a family law attorney.
2006-08-28 11:57:34 · answer #1 · answered by kearneyconsulting 6 · 3⤊ 0⤋
Yeah, anything he can't touch - mutual funds, CD's, trust funds with special rules of when the money can and can't be used would be good...and the husband needs to be taken to rehab, seriously, he's probably long over-due for an intervention, with a gambling addiction, he's likely to not care about driving up debts if money isn't accessible.
2006-08-28 12:09:00 · answer #2 · answered by daisyk 6 · 1⤊ 0⤋
I would guess it needs to be put in someone elses name or living trust as you suggested, otherwise CA or not they are still married and if anything such as a divorce was to occur you have to divulge all financial assets
2006-08-28 11:59:39 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Sounds like a divorce would be the safest protection.
2006-08-31 05:14:29 · answer #4 · answered by Father Ashley 4 · 1⤊ 0⤋
tell teh mother in law to get a diff. account or lose the hubby
2006-08-31 20:31:23 · answer #5 · answered by juicy 3 · 0⤊ 0⤋