I have some money sit aside in a money market account before marriage. During the marriage, I withdraw some funds out of that account, used some money for household items and deposited remaining money back into that account. Only other transactions were the interest that I was getting it from bank every month. Me and wife are separated now. She wants to proceed towards divorce.
Question:- Is she entitled to any of that money from the account? The account is only under my name.
Thanks.
If any of the funds in that account are comingled with marital funds, then it’s likely that the balance of that account could be marital property subject to being divided equally.
The key is being able to trace those funds. If you can trace the source of the funds in the bank account to before marriage, then it is your separate property that cannot be divided. But if it is not possible trace them because they were comingled with marital funds (funds earned during the marriage), then it is not your separate property.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
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.
Update:
The funds were withdrawn from Individual A1 account and then used to buy relevant things for household. After 2 months, the same amount of funds we saved by (me and her) in our joint account and those funds were used to pay off A1 account back. A1 account does not have her name on it.
By paying the account back, using marital funds (funds earned during the marriage), this likely made the original account marital property, or at a minimum, the paid back funds as marital property and the remaining balance in that account as your separate property, assuming no other transactions in that account.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
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.
There wasn’t no other transaction to the account. I took $500 out of my individual account to buy some household items and after 2 months we deposited it back $500 to my same individual account from our joint account. There is approximately $3k in that account.
Does she entitled to $3k amount or $500 amount?
So what do you suggest me to do with the account?
At least $500 from that account would likely be considered marital property. If you are negotiating equitable distribution, then you can offer a marital value of $500 (or even $0) and attempt to negotiate that the remaining balance is your separate property if you are able to trace the funds and show that the source of the remaining balance is from before the date of marriage.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
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.