When adding a spouse's name to a bank or investment account, what legal term is used?

When adding a spouse's name to a bank or investment account, the term that is typically used is "joint ownership." This refers to a situation where both individuals have equal rights to the account, and it signifies a shared interest in the assets contained within that account.

Joint ownership facilitates access and withdrawal rights for both parties, indicating that both spouses are considered co-owners of the funds or investments. This arrangement is particularly significant in the context of divorce, as it can impact how these assets are divided.

The other terms listed do not accurately reflect the legal implications of adding a spouse's name to an account. "Presumptive gift" generally relates to intentions behind transferring assets and does not specifically address the ownership structure of accounts. "Community property" specifically refers to a legal framework governing property ownership in certain jurisdictions, where assets acquired during the marriage are considered jointly owned, but does not pertain to adding a name. Lastly, "marital contribution" relates to the financial or non-financial contributions made by spouses during the marriage and is not a term used to describe the act of granting joint ownership of an account.