My friend caught his wife cheating in his bedroom. Rather than confronting her, he decided to prepare himself financially for the divorce before actually telling her that he is divorcing her. Im his best friend and he asked me if id hold his money in my name. I put his entire savings into my savings account so that his wife could not take half of it in divorce court. My payoff is i get the intrest from his money till the divorce is over and i will give him all his money back. just wondering if this was legal.
2007-03-26 18:33:03 · 14 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce
I do not know if this is the case in ALL states, but I do know when I got divorced in the state of Kentucky, this is how it worked: If both people's names were on the account the money was in, then either one of them could take EVERY DIME out of the account and put it into whoever's account they wanted to at any time prior to the court's acceptance of their final settlement agreement. If only his name was on the account, then he was completely entitled to do whatever he wanted to with the money, whether it be putting it in your account or burying it in a mason jar in the backyard, or donating it all to charity.....it wasn't hers to begin with. The only ILLEGAL thing to my knowledge would be if he had somehow a) taken money that was in an account in HER NAME ONLY or b) somehow managed to take money out of an account requiring both of their signatures for any withdrawals. Neither one of these scenarios seems very likely to be the case. Check the state laws where you live to be for sure, but as far as the joint account or individual account in his name goes, he should be in the clear. This is the inherent danger in opening accounts that both of you can use during a marriage, and while she may scream to high heavens over it, when it's all said and done, this is the risk you take when you have joint accounts and a divorce judge will tell her so.
2007-03-26 20:06:30 · answer #1 · answered by Bruja 6 · 1⤊ 0⤋
In a dissolution of a marraige you only split money and property in your Marriage possesion (whats in the home and your bank accounts) because you have not filed for divorce yet and gave the money to someone else it is "HIS" money and can not be touched by the court or her its a VERY smart way to beat the system. Bravo!!!! so when it all ends give your friend a HI 5 and your Ex wife the middle finger and live happy ever after. you may also do the samething with property like cars boats transfer title in your friends name and when all said and done transfer back. but like someone said before the tax part might get you but should not be anything bad
2007-03-27 01:57:44 · answer #2 · answered by rob9029 2 · 0⤊ 0⤋
To have made things appear a bit more legal, I would've had him buy something from you. Like a $2 pair of flip-flops for $3000 (and give him a receipt).
And after the divorce, buy the flip-flops back for the same price. This way he doesn't get screwed by his ex & you get to keep the interest as planned. You & he both are winners.
And kudos to you for being such a good friend. Guys need more friends like you.
2007-03-27 01:59:10 · answer #3 · answered by Larry F 4 · 1⤊ 0⤋
No it's not legal...it's called embezelment and is a federal offense...If his wife's lawery does a "discovery" which if she is smart she will have him do he will more than likely "find" that money you are 'holding' and not only will her divorcing husband be tossed into federal prison but so will you...I hope you like guys named Bubba because I'm sure there is one in prison just waiting to share a shower with you...
2007-03-27 04:05:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Your a good man Charlie Brown! Kudos for helping out a brother with another mother. As far as I can see, there are no legal ramifications. For all anyone knows, it could have been gifted to you. Maybe he paid off a gambling debt. Good friends are hard to find.
2007-03-27 10:24:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I don't think it is. Best not do that--she may have proof of that money from the account, and then what? Trouble, right here in River City! For you, and your friend who asked you to do this for him. Take care.
2007-03-27 01:52:11 · answer #6 · answered by SAK 6 · 0⤊ 0⤋
Yes.
For tax purposes, show it as loan and later reimbursed.
A tax consultant will suggest better.
As for your friend, he should also talk to a divorce lawyer, since the money can be traced back.
2007-03-27 02:56:53 · answer #7 · answered by Sean 4 · 0⤊ 0⤋
Sure its legal, its a financial transaction, whether to charity or an individual. Be careful about the taxes though.
2007-03-27 01:38:50 · answer #8 · answered by Anonymous · 1⤊ 0⤋
actually alot of people do this i hear. i actually think its a good idea. my friend found out his wife was cheating after she took EVERYTHING he owned, and the police didnt care since it was her legal residence and he had no receipts for any of the items. dude, just be smart and dont tell anyone.
2007-03-27 04:04:44 · answer #9 · answered by Anne W 6 · 0⤊ 0⤋
No. It is against the law. You could go to jail right along with him. I would not do this. If he wants to hide money. He should hide it in a shoe box not a bank!
2007-03-27 01:42:43 · answer #10 · answered by Anonymous · 1⤊ 0⤋