Are Both Spouses Required to Sign to Open a Joint Bank Account?
Full Question:
Before a spouse passes away, can money in a savings account be opened in the other spouse's name as long as the account read Mr. or Mrs.? Once this done, does this new account become community property in Louisiana?
02/12/2011 |
Category: Banking laws |
State: Louisiana |
#24209
Answer:
Generally, both spouse’s signatures are required to open a joint savings account. Louisiana is a community property state. A spouse’s separate property, consisting of property acquired prior to the marriage and property acquired by gift or inheritance is awarded to that spouse. The community property is divided equally between the spouses. Personal property necessary for the safety and well-being of the spouse filing for divorce and any children in his or her custody (including food, eating utensils, clothing, and any other items necessary for their safety and well-being) will be awarded to the spouse filing.
