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?
- Category: Banking laws
- Date:
- State: Louisiana
Answer:
In Louisiana, both spouses typically need to sign to open a joint savings account. Louisiana is a community property state, meaning that property acquired during the marriage is generally owned equally by both spouses. A spouse's separate property, which includes assets obtained before marriage or through gifts or inheritance, remains with that spouse. Upon divorce, community property is divided equally, while necessary personal property for the safety and well-being of the spouse filing for divorce and any dependent children is awarded to that spouse.
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