When the husband dies who gets the money?
When a person dies, the division of their current account depends on whether it is a single-person account or jointly held by a couple in a community of property or separation of assets. This situation can be difficult for surviving family members, who may also have to deal with complex financial and legal issues. In this article, we will explain who is entitled to the deceased’s money and clarify the current regulations and the rights of surviving family members.
Succession opens when a person dies, and their assets are divided among their heirs. Heirs are those named in the will or, in the absence of a will, according to precise rules in the Civil Code that give priority to the closest relatives (spouse and children) and, in their absence, to more distant relatives. However, heirs must make a declaration before a notary or court clerk, called an acceptance of inheritance, to become owners of the deceased’s assets. With the acceptance of the inheritance, heirs also assume the deceased’s debts, including those with the tax authorities.
When a married couple has a current account, the money in the account belongs to the account holder while they are alive. This applies to both couples in the community of property and separation of assets. However, if the couple decides to separate and then divorce, the judge divides the sums on the account between the two ex-spouses. In the case of a couple in separation of assets, the money in the account remains the sole property of the account holder.
If the account is jointly held, each spouse owns 50% of the money, whether the couple is in community of property or separation of assets. The spouses may agree on a different distribution of the account. If the couple separates, the jointly held account remains open, and the spouses must agree on how to divide it, or if they cannot reach an agreement, the court will divide it for them. According to jurisprudence, jointly holding an account with one’s spouse constitutes an act of donation. However, the donor can contest the donation if they can prove that it was a simulation.
In conclusion, when a spouse dies, the division of the current account depends on the account’s ownership and whether the couple is still married or has separated. Surviving family members need to be aware of the current regulations and the rights of heirs to ensure the protection of assets and plan for their financial future.