QUESTION

Do I have any right to inherited money that was deposited in a joint checking account, then reinvested with the in laws as the beneficiaries?

Asked on Mar 20th, 2018 on Family Law - Wisconsin
More details to this question:
I did not sign off on this money ,would it not be marital property or what portion do I have the right to?
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1 ANSWER

Divorce Attorney serving Milwaukee, WI
Partner at Karp & Iancu S.C.
4 Awards
Under Wisconsin law, when going through a divorce, all property, whether acquired before or during the marriage is subject to equal property division. The only property that is exempt is property acquired from a third party by way of gift or inheritance. It appears in your case that your spouse inherited money of some sort, and deposited into a joint marital account. By doing so, it is presumed that  they changed the character of the exempt asset, and by doing so, arguably it is now become marital property. They would have to explain why they deposited into a  a joint account instead of a separate account and what the time line was from making the deposit to when the money was taken out again. If they argue it was simply a matter of convenience to do so that way, and  the money within a very short time frame was taken out again, it is possible the trial judge might consider their intent and the tracing of the asset as factors to keep it separate from the marital estate. If on the other hand, the money sat in the account for months on end or any of it was used for marital purposes, it becomes a much more difficult argument for them to make. The other part of your post that is confusing is that the money is now apparently out of the account and reinvested with your in laws. Who did they inherit the money from, and why did your spouse give the money to your in laws? Also your post doesn't indicate whether you are in an intact family or may be going through a divorce. My answer to your question and post is in the context of a divorce only, under Wisconsin law.
Answered on Mar 22nd, 2018 at 6:10 AM

David B. Karp Karp & Iancu, S.C. 933 North Mayfair Road #300 Milwaukee, WI 53226 414 453 0800 dbk@karplawfirm.com www.karplawfirm.com

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