Legal Question in Family Law in Texas
Bank Account
A husband and wife married for 9 years and each contributing their entire paychecks into a checking & savings account that is only in the husbands name. Wife is not listed on either account. Wife signs her entire paycheck bi-weekly to be deposited into this account. Husband gives wife $100.00 to $120.00 of each paycheck to share with 17yr old daughter, plus full use of American Express and Visa accounts. Please tell me what are the pros and cons for the husband to not have wife listed on accounts? What are pros and cons for wife? Doe the wife want to be listed on bank accounts or not? What happens to the accounts when the husband dies?
1 Answer from Attorneys
Re: Bank Account
If you're concerned about the accounts when the husband passes away, the husband should have a will drafted by an attorney specifically setting out how his property is to be divided upon his death.
In addition, many banks have a designation called "payable on death" or POD - this gives the bank prior authorization to give access to the bank account to a specific person upon proof of death (a death certificate).
If you're concerned about whether the account is community or separate property (you did post this under "Family Law" afterall, not "Wills"), then it sounds like the husband and wife equally own the account as community property. Whether the wife's name is on the account or not is irrelevant as far as community property is concerned.
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