Q: What constitutes abandoned property in CA as in Stock market holdings?
My X spouse has not updated his new address on the joint account .Only I have.
A:
In California, abandoned property, also known as unclaimed property, generally refers to financial assets that have been left inactive by the owner for a specified period. This can include stock market holdings, such as shares or dividends, bank accounts, uncashed checks, and safe deposit box contents.
For stock market holdings, California's Unclaimed Property Law requires companies to transfer assets to the State Controller's Office if they have had no contact with the owner for a specified period, typically three years. However, the exact time frame may vary depending on the type of asset and the specific circumstances.
In your case, if your ex-spouse has not updated their address on the joint account, it does not necessarily mean that the stock market holdings are considered abandoned property. As long as you have been in contact with the financial institution or the company in which the stocks are held and have kept your address current, the assets should not be considered abandoned.
However, if the account has been inactive for an extended period and neither you nor your ex-spouse has contacted the financial institution, the assets may eventually be considered abandoned and turned over to the state.
To prevent this from happening, you should:
1. Contact the financial institution holding the joint account and inform them of the situation with your ex-spouse.
2. Determine whether you can remove your ex-spouse from the account or divide the assets based on your divorce agreement.
3. Keep your contact information up to date with the financial institution and maintain regular contact to prevent the account from being considered abandoned.
If you believe that your ex-spouse has abandoned their share of the assets, you may need to consult with a family law attorney to discuss your options and determine the best course of action based on your specific situation and divorce agreement.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
