dkc
New
Reged: 10/27/07
Posts: 24
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Hello,
My wife recieved a "gift" form her mom of aproximately 250K plus a house (that her mom has "lifetime use" of) worth 100K. The bulk of these moneys were supposed to be deignated in a seperate account in my wife name only, and a some has slowly been put into joint acounts such as both of our IRA's and paying off our marital mortagage of 40,000.
2 questions;
Are the funds that are in the joint acounts now marital assets even though they came form seperate money?
The money that is supposed to be in her name only is actually in an old joint accoount of ours. I know my wife was told that she should cange the names on the account, but I guess she never did. There is about 175K in this account. I have no desire to a share of this money, but am wondering if I have a rigth to it that I could use for a negotiating point on other matters.
I do have desire to have a share on the money in the joint accounts. As the lawyer who set up the estate plan for them also said "you have helped take care of them (inlaws who are disabled) for 20+ years, it wouldnt hurt to get something"
Advice?
Thanks,
DKC
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Jada
Platinum
Reged: 06/02/07
Posts: 3220
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Since she put the money in an old joint account, the argument can be made that it is now marital.
The funds that she transferred into the IRA's, especially yours, is subject to division. Any of the money that was used to pay the mortgage on the family home is gone. She's not going to get that back.
If she wanted it separate, she should not have co-mingled it at all.
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KGrow
Platinum
Reged: 01/27/06
Posts: 3098
Loc: Colorado
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How long ago did your wife receive this gift? What state do you live in?
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dkc
New
Reged: 10/27/07
Posts: 24
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[quote]How long ago did your wife receive this gift? What state do you live in? [/quote]
She recieved this money over the span of 2004-2005. I am in Wisconsin.
DKC
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KGrow
Platinum
Reged: 01/27/06
Posts: 3098
Loc: Colorado
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A major element of co-mingling is time. Since this is relatively recent, the money sitting in the dormant joint account is not clearly marital property, not clearly individual property. This is something that will need to be worked out. So yes, you can use it as leverage to win concessions elsewhere.
Once you've worked out marital vs. individual property, the rest is simple. Wisconsin is a community property state. Anything deemed marital property will be split 50-50.
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