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:
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.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
