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Old 02-07-2016, 09:20 PM
 
Location: Howard County, Maryland
4,928 posts, read 3,129,832 times
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I have a friend (really, it's not me) who thinks that he and his wife are heading for a divorce, though no such plans have officially been initiated as of yet. He also anticipates getting an inheritance from a relative of his, to the tune of about $45,000 or so.


Assuming that the inheritance comes before the divorce, it would seem that it would become part of the assets that would be divided up. (They live in a community property state.) My friend is not trying to cheat his (maybe soon ex-) wife out of her half. But what he's worried about is her getting her hands on his half of the money and blowing through it all before the divorce takes place.


My friend floated the idea of giving me his half, and I stick it under the mattress until the divorce is final; then I give it back to him. What would happen if we did this? (Let's assume that he carries through on his word to give the rest of it to his wife, without trying to split the remaining half into halves.) After all, if there were no divorce, the money would be theirs to do with as they pleased, including giving me half of it. So is there any legal reason why he couldn't do this, and thus keep his half of the money safe from her potentially spendthrift hands?


I realize that folks here probably aren't qualified to give legal advice. But do you have any thoughts or suggestions about this?
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Old 02-07-2016, 09:23 PM
 
35,121 posts, read 37,790,060 times
Reputation: 61840
No one here can givr you or your friend any advice that remotely appears to be legal advice. Your *friend* needs to contact an attorney himself and have all of his legal questions answered besides, it is usually best not to count the $$$ until the relative is cold, dead, buried/cremated and the will is being executed.
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Old 02-07-2016, 09:31 PM
 
Location: Chicago. Kind of.
2,894 posts, read 1,494,170 times
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^^^^^^^listen to this!!!!!!!
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Old 02-07-2016, 09:33 PM
 
8,768 posts, read 10,329,110 times
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Putting the cart before the horse. First, need to speak with an attorney to get legal advice. Second, not all property acquired during a marriage in a community property state is considered marital property. In many community property states, inheritances named to only one person is exempt as separate property. Your friend needs to get the specific for his state and follow the advice of a qualified legal professional.
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Old 02-07-2016, 09:33 PM
 
Location: Wisconsin
16,471 posts, read 15,905,878 times
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Quote:
Originally Posted by bus man View Post
I have a friend (really, it's not me) who thinks that he and his wife are heading for a divorce, though no such plans have officially been initiated as of yet. He also anticipates getting an inheritance from a relative of his, to the tune of about $45,000 or so.


Assuming that the inheritance comes before the divorce, it would seem that it would become part of the assets that would be divided up. (They live in a community property state.) My friend is not trying to cheat his (maybe soon ex-) wife out of her half. But what he's worried about is her getting her hands on his half of the money and blowing through it all before the divorce takes place.


My friend floated the idea of giving me his half, and I stick it under the mattress until the divorce is final; then I give it back to him. What would happen if we did this? (Let's assume that he carries through on his word to give the rest of it to his wife, without trying to split the remaining half into halves.) After all, if there were no divorce, the money would be theirs to do with as they pleased, including giving me half of it. So is there any legal reason why he couldn't do this, and thus keep his half of the money safe from her potentially spendthrift hands?


I realize that folks here probably aren't qualified to give legal advice. But do you have any thoughts or suggestions about this?

In some, maybe even most, states money that you receive from an inheritance (as long as the money is not comingled) is not community property. So, the money can come before or during a marriage and the person that inherited it can keep it all (as long as they keep it completely separate & do not use any of it to pay joint expenses with their spouse).


Talk to an attorney.

Last edited by germaine2626; 02-07-2016 at 09:41 PM..
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Old 02-07-2016, 09:34 PM
 
5,410 posts, read 3,382,449 times
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In California, an inheritance is not community property. The law is cut-and-dried on this one.

Property acquired during marriage by gift, will, or inheritance is separate property. (Section 21 of the California Constitution, California Family Code Section 752)

When received, I would take care not to commingle it with community funds.
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Old 02-07-2016, 09:36 PM
 
Location: Wonderland
40,885 posts, read 32,642,286 times
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Your friend needs to get legal advice from an attorney.

That being said, most community property states consider inheritances to be separate property unless the funds are co-mingled.
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Old 02-07-2016, 09:44 PM
 
Location: Dallas, TX and Las Vegas, NV
5,074 posts, read 3,770,509 times
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If he keeps the inheritance separate and in his name only he should safely have the money as his sole asset. Maybe buy a short term CD and have the inheritance transferred directly to the new account.
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Old 02-07-2016, 11:59 PM
 
Location: Atlantis
3,019 posts, read 3,119,826 times
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Since you mentioned you will be getting divorced.


Get the inheritance. Write a check for $45k to the divorce attorney you are using (as a retainer) and he will hold it, in trust.


Make sure you keep your divorce legal costs under $10k and when its over, get the other $35k back from the attorney.
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Old 02-08-2016, 12:11 AM
 
Location: Pennsylvania
15,560 posts, read 9,584,514 times
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inheritance laws and divorce laws vary by state. You could post this on the state forum where your friend lives.


But of course you'd still be getting legal advice from posters not qualified to give legal advice.
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