More details to this question:
My wife received an inheritance. The account is in both our names in a brokerage account. We paid the taxes on it from our joint checking account for the passed 8 years. We used these funds for vacations, house hold expenses, buying cars. I traded the account, and added value to it.
9 ANSWERS
Family Law Attorney serving Peoria, AZ
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The Law Firm of Jessica M. Cotter, P.L.L.C.
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It would be in your best interest to consult with an experienced family law attorney to discuss these issues. Generally speaking property received as an inheritance is separate property unless it is transmuted (converted) into community property by the actions of the recipient. Again as a general matter, by placing the inheritance into a community account, one in both names, into which community funds may be deposited, that would seem to change the nature of the funds from separate property to community property. From your facts as stated there is a good argument to be made that this account, no matter what its origins may have been, is now a community asset, subject to equitable division in a dissolution proceeding.
Answered on Jun 12th, 2013 at 9:41 AM
Family Law Attorney serving Durham, NC
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Morelos Law Firm
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Generally, an inheritance will be deemed the separate property of the spouse who received it under the property divisions laws through separation called Equitable Distribution. But any type of separate property, once later commingled with marital property/funds or otherwise having an active appreciating in value due to efforts during the marriage (that are not mere market increases) can get a little muddy and you may in fact have some interest to some of the monies. It would not necessarily automatically be 50/50 though. You would need to start tracing back the funds and all the ins/outs of the account and ultimately discuss with an attorney further, especially if this will be highly contested.
Answered on Jun 11th, 2013 at 11:42 PM
Medical Malpractice Attorney serving Clermont, FL
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Joanna Mitchell & Associates, P.A.
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If you are in Florida, then it would be considered a marital asset because it was commingled together in a joint account. You should consult with an attorney.
Answered on Jun 11th, 2013 at 9:03 PM
As a general rule Kansas judges try to divide marital assets equitably (which usually means equally). Often judges do not consider premarital asset value or non-marital asset value in the equitable division process. Thus the inheritance may not be considered a marital asset. Your attorney should argue you should receive at least the value of the post inheritance investment growth of the inheritance asset. If you and your wife depended on the asset as a part of your overall future plans to retire, an argument could be made the entire value should be divided equally, but it may be a long shot.
Answered on Jun 11th, 2013 at 9:02 PM
Your wife's inheritance is her separate property but you are entitled to reimbursement for one-half of any obligations paid on that inheritance from earnings during marriage. If earnings during marriage were added to the account you are entitled to one-half of all those contributions and appreciation in value due to those contributions. Your facts suggest what lawyers call a "tracing" case and they can get complicated.
Answered on Jun 11th, 2013 at 9:01 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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In Michigan you have an argument as you managed the account and added value to it, it was jointly owned, taxes paid from joint funds and spent part of it in joint and family expenses. You will be in for a fight, most probably.
Answered on Jun 11th, 2013 at 9:01 PM
Inheritance is one of the few forms of enrichment that if obtained during marriage will remain entirely the sole property of the heir who received it. However, problems arise when such funds are co-mingled in a shared account, at which point the court typically uses a "first in- first out" analysis to determine what portion of the inheritance, if any, remains in the shared account and would thus still be the separate property of the heir.
Answered on Jun 11th, 2013 at 9:01 PM
Mediation Attorney serving Bloomfield, NJ
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Cassandra T. Savoy, PC
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Sounds like a co-mingled asset to me. You need an attorney. Like most legal questions, the answer is complex and requires deliberate analysis. You can not do that over the internet.
Answered on Jun 11th, 2013 at 9:01 PM
According to the information given, your wife has commingled the property/monies, thereby making it marital property.
Answered on Jun 11th, 2013 at 9:01 PM