Q: Can I have my retirement pay deposited into my personal account vs. my marital joint account?
Prior to getting married, I earned retirement pay from a previous employer. Currently, I have those monthly checks deposited into my marital joint account. Can I change this and have them deposited into my personal account instead since the money was earned prior to getting married? I am aware that my retirement pay that has been deposited into my marital joint account thus far is now community property.
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A:
In California, retirement benefits earned before marriage are generally considered separate property, while those earned during the marriage are usually treated as community property. However, once you commingle your separate property retirement pay with community property funds in a joint account, it may lose its separate property characterization.
To keep your premarital retirement pay as separate property, you should deposit it into a separate account in your name only. You are allowed to change the deposit account for your retirement pay from your joint marital account to your personal account.
Here are a few things to keep in mind:
1. Inform your spouse about the change to maintain transparency and avoid potential conflicts.
2. Keep clear records showing that the retirement pay deposited into your personal account was earned before marriage.
3. Avoid commingling the funds in your personal account with community property money to maintain its separate property status.
4. Any interest or appreciation earned on your separate property retirement pay during the marriage might be considered community property.
It's best to consult with a family law attorney in California to ensure that you are following the proper legal procedures and to discuss any potential implications for your specific situation.
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