is it illegal for a spouse to withdraw money from a mutual fund with having been granted access

UPDATED: Oct 1, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Oct 1, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

is it illegal for a spouse to withdraw money from a mutual fund with having been granted access

I bank with USAA and we shared a joint account. I also have mutual funds, IRAs, etc with USAA. My current spouse ran up a huge credit card bill and to cover it up withdrew a large sum of money from my mutual fund by using the mobile app. she was able to use the same security questions as we had not changed them or she just knew the answer. what are the criminal effects of this act and can I have her brought up on charges.

Asked on February 21, 2018 under Criminal Law, Texas


B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Generally speaking, any property acquired during the marriage is community property....regardless of whose name the account is in or who usually controls it.  It is, therefore, legal for either spouse to access or control the asset. With that in mind, if your spouse took funds that were community property, then most likely law enforcement will not press charges against your spouse because it's not against the law to steel from yourself or your own marital estate.
However, if this was a separate property account (meaning that the asset was obtained prior to marriage), then you would have a better shot at filing a theft claim because the asset was your property independently, not the two of your jointly.
You can attempt to file charges.  But you will most likely have to file for divorce if you want any relief.  You can request the court to award you an uneven share of the community estate since she has actively engaged in acts of fraud (and/or wasting of community assets) which depleted your right to the various accounts.  The idea is that your spouse has already received a large share of the community estate, therefore you should have a right to a greater share of whatever is left to compensate for the loss.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption