Joint bank accts and property purchase in Md divorce

[Anonymous]

Joint acct opened 5 years ago. Both parties depositing income into account. The profit of a sale of one party's house deposited in joint account 4 years ago.New marital property purchased in same year with the profit as a deposit/ downpayment. Can I get all of my deposit out in a divorce?

[Anonymous]

You'll likely split all assets, but everything is negotiable.

[Anonymous]

No split since you commingled

[Anonymous]

Anonymous wrote:No split since you commingled

Explain. You mean because the $$ from the sale went into the joint acct? Or because I used it for a joint purchase? So, what am I entitled to?

[Anonymous]

Anonymous wrote:

Anonymous wrote:No split since you commingled

Explain. You mean because the $$ from the sale went into the joint acct? Or because I used it for a joint purchase? So, what am I entitled to?

Once you deposited into joint account, it became joint property. When you used it to purchase joint owned property, it would have become joint if you had had it in a non joint account prior to it. Barring other assets or circumstances, the split of the equity in the new property would be 50/50.

[Anonymous]

Nope. Agree with pp. it isn't yours alone anymore. Totally joint assets.

[Anonymous]

So my friend said if I can specificallly source the $$, I csn claim it, though. No? Still joint account issue? I am guessing because there were contributions over time from both, but what if it was the exact amount from the sale used as a downpayment?

[Anonymous]

This is why I have a prenupt spelling out that the profits from my premarriage house are mine and mine alone and that I get those plus my share of the equity if we ever divorce...

That said you don't have a prenupt so you're kind of sol

[Anonymous]

Anonymous wrote:So my friend said if I can specificallly source the $$, I csn claim it, though. No? Still joint account issue? I am guessing because there were contributions over time from both, but what if it was the exact amount from the sale used as a downpayment?

Nope

[Anonymous]

In Va, it remains yours if you do not join it. In my case, it was an inheritance of 60K, that through lucky investing grew to 4 mil over 1o years. ExDW got none of that (but she did get the clap from her BF ).

[Anonymous]

Anonymous wrote:This is why I have a prenupt spelling out that the profits from my premarriage house are mine and mine alone and that I get those plus my share of the equity if we ever divorce...

That said you don't have a prenupt so you're kind of sol

You sound really committed to that marriage.

I personally think that prenups can be a good thing. A set of laws apply to a marriage, a prenup is just choosing your own rules within reason. But an "i get mine" mentality v a "lets be reasonable to all parties" mentality can make a world of difference in how it impacts the marriage. When you are married the couple is making financial decisions that are best for the marriage, but not necessarily best for the individuals. If a divorce happens, it is reasonable to try and unwind so that neither is more negatively impacted by those sets of choices. The typical one is the family's choice to have a parent stay home. The SAHP has been out of the workforce, has less in retirement benefits etc. With regard to inheritances, did it make the family make different choices? Did the non inheritance spouse stay out of the real estate market because of the use of the inheritance, did that spouse contribute more to day to day expenses rather than invest them, etc.

[Anonymous]

Anonymous wrote:In Va, it remains yours if you do not join it. In my case, it was an inheritance of 60K, that through lucky investing grew to 4 mil over 1o years. ExDW got none of that (but she did get the clap from her BF ).

Well, same in Md, but this money was comingled. If you had put this in 2 names, it would have been joined and, yes, it would have been split.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is why I have a prenupt spelling out that the profits from my premarriage house are mine and mine alone and that I get those plus my share of the equity if we ever divorce...

That said you don't have a prenupt so you're kind of sol

You sound really committed to that marriage.

I personally think that prenups can be a good thing. A set of laws apply to a marriage, a prenup is just choosing your own rules within reason. But an "i get mine" mentality v a "lets be reasonable to all parties" mentality can make a world of difference in how it impacts the marriage. When you are married the couple is making financial decisions that are best for the marriage, but not necessarily best for the individuals. If a divorce happens, it is reasonable to try and unwind so that neither is more negatively impacted by those sets of choices. The typical one is the family's choice to have a parent stay home. The SAHP has been out of the workforce, has less in retirement benefits etc. With regard to inheritances, did it make the family make different choices? Did the non inheritance spouse stay out of the real estate market because of the use of the inheritance, did that spouse contribute more to day to day expenses rather than invest them, etc.

Spelling aside, I assume you mean unless there is one, whatever is joint is joint, regardless of where it came from.

[Anonymous]

Has anyone been successful in obtaining more do to sourcing and, if so, why or how?