Gifts
2007-03-09 03:47:54 · 8 answers · asked by Charlie 1 in Politics & Government ➔ Law & Ethics
I live in a community property state. My parents gave me $100K gift CD in my name while we were married. If I divorce, will my spouse get half of the money or is that money mine?
2007-03-09 03:51:31 · update #1
No. I'm a lawyer in a community property state. Assets acquired before marriage or acquired during marriage by gift or inheritance are not community property
2007-03-09 03:59:58 · answer #1 · answered by David M 7 · 2⤊ 0⤋
It depends on the CP laws in your state. Generally speaking, gifts made to one spouse during marriage are not considered community property.
You state that the CD was given to you as a gift and is in your name. As long it remains that way, that CD is yours and should not be considered community property.
2007-03-09 04:49:55 · answer #2 · answered by Peter 3 · 0⤊ 0⤋
While the CP law vary by state, gifts or inhertiances from family members to one spouse are usually considered separate (not community) property, unless the gift was specifically given to both spouses. That's one of the standard exceptions to the CP rules.
Check your local laws to see if the general rule applies in your state.
2007-03-09 03:59:29 · answer #3 · answered by coragryph 7 · 2⤊ 0⤋
this is a sad state of affairs, when you say community property,as my wife certainly believed in community property, and she spread herself all over the community, but, she settled down some before we divorced, she cut me down to twice a week, I was lucky, she cut the mail man out completely, and the ice man out, I don't know about the guy next door.
family law is never standard as the jury can decide and even by statue it can and is over ruled some times.
2007-03-09 04:15:55 · answer #4 · answered by james w 3 · 0⤊ 0⤋
This will depend on how you hold the CD. If you receive it and hold it in only your name then it will be considered separate property which will not be divided in the event of a divorce. If you place the CD in a joint account with your wife the CD will enter the marital property of the estate and will most likely be divided should you get divorced.
2007-03-09 03:54:36 · answer #5 · answered by Allison S 5 · 1⤊ 2⤋
No, any revenues or expenses which at the instant are not area of the community materials materials are not decrease up between the two taxpayers. materials owned previous to the marriage shouldn't join the gang materials materials so for this reason maximum effective you declare the earnings and expenses from it.
2016-11-23 17:23:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you received it WHILE MARRIED, it is community property. She can go after 1/2.
2007-03-09 03:56:00 · answer #7 · answered by jurydoc 7 · 0⤊ 2⤋
That's why it's call community property. That stuff taps even your retirement if stuff like that happens. Yep, while you're married. Too bad it was not given to you before the marriage.
2007-03-09 03:54:15 · answer #8 · answered by Anonymous · 0⤊ 2⤋