QUESTION
If I cash out a CD before I file for divorce can my spouse claim 1/2 in court?
Asked on Aug 03rd, 2013 on Divorce - Michigan
More details to this question:
My husband left 3 years ago, I have a CD from money I saved for our minor daughters college education. I have been out of work 2 months due to an accident and need the cash to purchase school clothes and supplies along with dental bills I have and driveway repairs. If I cash in the CD will I have to give him 1/2 when we file for divorce? No divorce papers have been filed yet.
3 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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If you spend it you will not have to give him half how much extra will you have?
Answered on Aug 09th, 2013 at 8:26 PM
Business/ Commercial Attorney serving Seattle, WA
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Wolfstone, Panchot & Bloch, P.S., Inc.
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Under Washington state law, you can apply the CD monies as you determine appropriate. Keep an accounting of how the proceeds were spent in the event the husband make any claim for reimbursement. Incidentally, this illustrates the need to get the issues arising out of your separation and marriage resolved. Is the father even paying child support?
Answered on Aug 09th, 2013 at 8:26 PM
The short answer is No, however, I would need to know more information, such has, did your husband know about the CD? Did he contribute to it? Will you use the money for things other than your daughter, etc.
Answered on Aug 09th, 2013 at 8:26 PM