Any property obtained during lawful marriage

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Reference no: EM133681781

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What are Harriet's and Walter's respective rights to the savings account? Any property obtained during a lawful marriage in California is considered CP, and each spouse is entitled to all of one's SP and half of the CP upon dissolution of the marriage. The funds in the savings account were Walter's earnings from his job as a mechanic for Urban Motors during the marriage. Walter may argue that the funds should be considered his SP because the savings account was in his name alone. However, simply putting CP funds into an account in one spouse's name does not change the character of the funds. To change the character of such funds, or effect a transmutation, would require an express written declaration signed by Harriet. Conclusion: Thus the funds in the savings account are CP so Harriet and Walter are each are entitled to 50% of the money in the savings account.

Reference no: EM133681781

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