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| Ask a Lawyer - Archive |
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Can A Spouse Open An Individual Account With Funds From A Joint Account?
Loretta Salzano |
Q.
My husband and I had a joint money market account and stock. Can my husband close the account and sell the stock with out me signing? Can he then take the money and open his own money market?
-- Ronda
A.
If the account was held as joint tenants with right of survivorship (not as tenants in common), then yes, he could withdraw the entire amount without your signature. You could have done the same. Usually spouses hold accounts as joint tenants with right of survivorship and either may transact business without the benefit of the signature of the other. I suppose that you could take legal action to get your fair share of the money, but I don't know how much it is and if it's worth it. If all isn't harmonious in your marriage, perhaps you will soon be meeting with counsel and could raise this issue sooner rather than later. Best of luck in working out this - and your marriage!
-- Loretta Salzano
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