Q: Will a bank account shared with a sibling or otherblood relative be protected from divorce requirements to divide wealth
A:
In Texas, the division of assets during a divorce is generally guided by community property laws. Community property laws dictate that most property acquired during the marriage is considered community property and is subject to equitable distribution between the spouses upon divorce.
However, there are exceptions, and property that is considered separate property is typically not subject to division during divorce. Separate property includes assets acquired before the marriage, gifts and inheritances received by one spouse during the marriage, and certain personal injury awards.
A bank account shared with a sibling or other blood relative would generally be considered separate property if it was established before the marriage and has not been commingled with community funds. This means that it would typically not be subject to division during a divorce.
1 user found this answer helpful
A: That would depend on where the money going into the account came from. If the party divorcing put money into the account that was community property that portion could be subject to division.
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