Marital property


#1

I had a medical settlement of $600K in 1995. When I separated from my spouse in 2009, there was still $60,000 left In our joint checking account. Are these funds considered marital property or separate property in an alimony or an ED settlement?


#2

It depends on what those funds represent if they are considered marital or separate. A portion of your settlement may have been marital depending on what the settlement was for (lost wages, pain and suffering, medical bills, etc.). If those funds are separate in nature, the other issue will be whether you can trace the funds to the settlement. Since you indicated that it was a joint account, you will have to show that these funds are the same as the funds that were placed in the account in 1995.