Future Financial Security


#1

Legally, I would think that the mother could set up an account and put money into it for the benefit of her daughter and granddaughter. There is no law stating that a person can not have money in their bank account that is intended to be given to someone else in the future…
But keep in mind that all income up to the date of separation is considered marital asset and must be divided. If you are giving your mother money to put into an account or are using a separate account under someone else’s name then those funds are still considered divisible. If the courts learn that you are hiding funds in an attempt to avoiding dividing said funds, a ruling for unequal distribution of marital assets may be decided. During ED settlement, either party may ask for finacial records of the other and that would include income. If there is a substantial difference between income you show and what is used there may be a question about it…


#2

There is no legal way to shield marital assets from equitable distribution unless the parties enter into a contract regarding those assets.

Helena M. Nevicosi
Attorney with Rosen Law Firm

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The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.


#3

During the marriage, money was set aside for my children in UTMA Accounts. Ex was given complete control of these accounts. This property was not subject to equitable distribution and now the ex can use the funds for the “benefit” of the children and for whatever he wishes. I have no say in what the funds are used for and I was ordered to pay 50% of extra costs. Try setting up a UTMA account with only yourself as custodian. Might help your daughter, but not you. I also suggest stuffing cash in a mattress or burying it in your back yard. Do whatever you can!


#4

If a woman was experiencing difficulties in her marriage that made her concerned about the prospect of divorce (though her intention is to stay and work it out), is there any place or way to begin setting aside money in a manner that will protect that money in the future in case a divorce ocurred? For example, could she open an account in her mother’s name in an attempt to set aside money for her and her daughters future?