Sorry, I’m not sure that I understand your question. Do you mean the mechanics of how the husband would get access to the inheritance funds?how does this happen?I believe that Mullins is overstating the case.If you have money in your own private living trust account, aren’t you allowed to draw from that trust?Separate accounts and do not commingle funds. Any instance of sharing money renders that entire account as marital property.
A joint account can be established for paying jointly shared expenses.
A prenup would help as well.
And if you draw from that trust and deposit into a JOINT account and then use those funds for mutual purposes, while still maintaining the separate integrity of the private living trust account?
Consider a couple married for 30 years.
Say the wife uses a portion of her inheritance (in a brokerage account in her name only, but not a trust) to pay for a surprise trip for the husband’s 70th birthday. If he files for divorce on his 71st birthday, it’s my understanding that he is not entitled to a share of the wife’s remaining inheritance just because of that trip.
However, say the same wife has $5 million in the separately-owned inheritance and no other assets. And the same husband has an IRA worth $250,000 and no other assets. If he files for divorce as above, it’s my understanding that the inheritance is not off limits in a equitable distribution of assets.
I hope one of our experienced attorneys — which I am not — weigh in here.
Obviously, the OP (and his potential wife) both need legal counsel.
j
Statistics: Posted by delamer — Wed Jul 03, 2024 9:05 am — Replies 47 — Views 4780