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Posted by cporro on August 10, 2007, 8:10 pm
>
> > i do most of the investment for my family. at this point its just a
> > college savings account and a mutual fund account. these accounts are
> > linked to my bank account. it would be most convenient for my wife to
> > deposit her contributions into my linked bank account and then for me
> > to invest the money. i'm wondering if there might be some unexpected
> > tax (or otherwise) consequence from doing things this way. we have
> > been filing jointly so i assume her money counts as my money and vice
> > versa. we live in california, have no pre-nup, and are under the
> > impression that in the impossible event of divorce we would, by law,
> > split everything.
>
> > thoughts?
>
> California is a "community property" state. That means that, with
> limited exceptions, anything you acquire during your marriage belongs
> equally to both of you. For example, pay for work is community
> property. You can bring separate property into a marriage, and an
> inheritance left to one spouse may be treated as separate property.
> However, you must be diligent to maintain separate property, as any
> commingling of community into separate property converts it all to
> community property. E.g., you inherit $10,000, which you desire to
> preserve as separate property. You deposit the check into your
> checking account into which you also deposit your pay check. The
> inheritance has been commingled with community property, and therefore
> has become community property.
>
> If you and your spouse have separate checking accounts, into which
> each of you deposit your pay checks, then, even though both accounts
> may be in a single name, they would be community property. Any
> investment accounts created or added to from such a checking account
> would be community property, no matter how it is titled.
>
> You can learn more by googling "california community property".
>
> Dave
thanks for the responses. as far as the amount goes it should be lower
then 50k anually. i may look into adding her to the accounts. one is
vanguard mutual fund account the other is a 529 college savings.
possible down the road there will be a brokerage.
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