Will my wife have access to the bank account?

Question

I am on my parents personal and business account in the event they need me to handle there business I can.  When I file for a divorce, will my wife be able to have access to this account since my social is on it?

Glen Edward Ashman · Answer

If your social is on the account it is YOUR account, not theirs and your wife certainly can go after it in a divorce.  Why would you have set it up that way?

Steven D. Dunnings · Answer

Maybe.

Kevin Bruning · Answer

No, your wife will not be able to access the account.  She may be entitled to records related to the account.  However, if your name is truly on the account for convenience purposes only, it should not be a problem.

Joanna Mitchell · Answer

If it is an account in which you hold an interest, it may be partially considered a marital asset in the event of a divorce. Make sure you have something in writing, signed and notarized by your parents and yourself, indicating that you have no personal interest in the funds in the accounts, and that you are only be added for administrative purposes should they become necessary. You may want to consult with an attorney.

William Spern · Answer

Yes as it could be argued that you were hiding income in such accounts. I would strongly advise that you be removed from these accounts immediately if your anticipating divorce in the near future. You would be better served to be named in a power of attorney for each parent and possibly as successor trustee to a revocable living trust, either or both in case of your parents incapacity.

James Lentz · Answer

It depends, but likely your access and social security number would force the inclusion of mom and dad's personal account in the marital property. See a lawyer for further information.

Glenn Tanner · Answer

I don't know what you really mean by "access." The court will fairly divide all your property. You'll have to prove these accounts aren't yours.

Barbara Peyton · Answer

Under the rules of disclosure you are duty bound to disclose all accounts on which your name appears and in which you could have an interest.

John Kirchner · Answer

Until your parents do something, your wife will continue whatever access she has now - if any.  The divorce will not give her any access she doesn't already have.  If, in fact, all funds in account belong only to your parents, it is not marital property to which your wife would have any claim in connection with the divorce property settlement. Proving ownership might be one of the issues in settlement of the case.

Aimee Carol Robbins · Answer

No. Only persons whose name is on the account have access. It does not sound like this account is a marital asset either since the account is strictly for your parents business.

Kathryn Hudson · Answer

If of you can prove that the account does not contain marital assets and that you are only on the account to protect your parents the account would not be subject to marital distribution.

Cassandra Savoy · Answer

If the account belongs to your parents, then it is not subject to equitable distribution

Frances Headley · Answer

Access to the funds in a  bank account are controlled by the paperwork given to the bank when the account was set up or by the owner of the account subsequently.

Elizabeth Jones · Answer

California law requires transparency so you must disclose the existence of those accounts.  But she cannot access the accounts if they belong to your parents.

Loren Zahn · Answer

You will have to prove that you did not contribute anything to that account and that they are not your funds to exclude them from the community assets.

Lynda Leblanc · Answer

Since you are about to go through a divorce, you need to handle the situation with your parents' accounts differently.  Since they put you on the account, it is technically an asset of yours, which needs to be included in the marital pot for division through the divorce.  You will need to show that you do not use the account for your personal use and have not put money into the account.  Prior to filing for divorce, you need to get your names of these accounts and have your parents execute Powers of Attorney giving you the power to do their banking.  This will limit the exposure of your parent's accounts during the divorce, but will not completely protect the assets, as your Wife's attorney may ask questions through discovery that will require you to disclose the accounts.  Your parents need to be ready to testify as to ownership of the accounts and why you were on them.  A Power of Attorney will allow you to do anything you need to do for your parents banking wise if they are unable, and a transfer on death beneficiary on the accounts will avoid probate (but not inheritance taxes if they apply).  Most of your situation will depend on how your Wife acts throughout the divorce process.  If it is an amicable divorce and she is aware that you are just on the accounts to help out your parents, she can agree to leave them alone.  The other side of that is dragging every one into court to answer as to these accounts.

Mark Brown · Answer

Under Washfington state law, the court would examine the source of the monies in the account(s) to determine whether all of the account proceeds derive from your parents, and/or whether your have any real ownership interest in said proceeds.  That being said, your wife and her attorney will have the right to receive and review all account records in the "discovery" process of your divorce to evaluate for themselves the foregoing information.  Your parents should be forewarned that their private financial affairs can be laid open and examined by your wife and her attorney.  This is one of many illustrations how adding 3rd parties to banking accounts has unintended negative consequences - and is often discouraged by attorneys.

Susan Correia-Champa · Answer

Yes.  Because your name is on the accounts you will need to disclose their existence on your financial statement that you file with the court.

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