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Divorce Source Community Forums >> Financial Issues

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canuhelp
recently joined

Reged: 11/05/08
Posts: 5

Assets

#552332 - 07/09/09 02:34 PM

I had stock that was left to me by my late grandfather before I was marrired. I recently had to sell it because the company was bought out. I put this money into an investmenbt account, in my name, where the broker purchased mutual funds with the money. If I get a divorce, does my spouse get half of that money or just half of the return on investment?

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jaiye
old hand

Reged: 10/27/05
Posts: 860

Re: Assets

[Re: canuhelp]
#552465 - 07/09/09 10:30 PM

If you have a clear paper trail that proves it is not a marital asset then you should be in the clear as long as you do not put his name on the account. Make sure you don't co-mingle it in any way such as using it to buy a house or anything that can be considered a marital asset. Keep it completely separate. If you mingle it by doing things like fixing up the marital home then you are screwed.

Edited to add: As long as you don't add any marital funds such as your salary to the account then it will stay a non-marital asset and he should not even be entitled to any investment increases. Just keep it separate.

Edited by jaiye (07/09/09 10:33 PM)

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canuhelp
recently joined

Reged: 11/05/08
Posts: 5

Re: Assets

[Re: jaiye]
#552576 - 07/10/09 11:25 AM

ok. thank you. I have copies of the checks from the stock sale and the documents showing the money was deposited in the investment account. I just didn't know if the purchase of mutual funds would be considered as "co-mingling" since they were bought while we were married,even if my spouse's name wasn't on the account.

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Yes_Dad
Carpal \'Tunnel

Reged: 08/23/08
Posts: 7406

Re: Assets

[Re: canuhelp]
#552798 - 07/11/09 10:03 AM

Inherited anything is not subject to split if like Jaiye said, you have to have clear paper trail and not co-mingled the funds.

But he/she will try to get their hands on 1/2 anyway so be prepared for that.

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