Money Transferred From A Joint Account
If North Carolina couples have money in a joint bank account, that money may be considered marital property. Therefore, if a spouse moved funds from that account into a CD or other type of account in his or her name only, it may not change the nature of that money. It may also be important to ask the bank to verify where the money was actually moved to.
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One man’s spouse claimed that she transferred money from a joint account to a CD that was returning $1,000 every two months. While that sounds great on the surface, that is a return that is three times higher than the national average. Since money generally can’t be taken out of a CD for several months, it provided her with an excuse as to why she couldn’t return the cash in a timely manner. It is important to consider that such a move may be made to protect a family’s finances as opposed to being sinister.
Such protection may be necessary if one spouse has problems spending too much or with making profitable investments. Those who find that money has been transferred to another account may want to consult with the person who made that transaction. Doing so may allow both parties to get on the same page when it comes to managing their money and their relationship as a whole.
In some cases, assets are transferred in the hopes that it may influence how they are divided in a divorce. However, this may not necessarily change how they are treated in a final divorce settlement or change the structure of the overall settlement. Those who have questions about asset division or other issues related to a divorce may benefit from seeking advice from an attorney.
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