I could keep the money for the future of my self and my daughter so I opened a mutual fund and now the money sits. I also spent some money on home improvement and some bills. Well now my dad has gone back on his word and wants all the money back. There was nothing legally signed. he let me open an account in MY name only. Does he have the right?? Please help
2007-05-17 12:27:56 · 7 answers · asked by haptay 2 in Business & Finance ➔ Personal Finance
If the money is in your name, he doesn't have a legal claim to it.
Does he have a moral claim to it? That's up to you to decide.
Money can turn relationships very ugly. If you want to avoid an ugly relationship with your father, you need to figure out how to resolve this with him.
2007-05-17 12:37:22 · answer #1 · answered by aj485 5 · 0⤊ 0⤋
You should consult an attorney if you want to keep the money and avoid potential problems.
The fact that your father turned the money over to you and it was a year later before he tried to reclaim it suggests he meant for you to keep it.
The key here may be that there was no legal document proving what your faher's intent was. You don't have such a document. Better yet, he doesn't have such a document either.
What would your father say if you had used the money to start a business and lost it all?
Good luck.
2007-05-17 19:37:42 · answer #2 · answered by SCOTT M 7 · 0⤊ 0⤋
as stated above, consulting an attorney would be be the best course and then make a decision. and it's true, fighting over money can make any relationship ugly, it's happened to me but my past circumstances are not so closely related to yours that i don't think it would make a difference if i shared it with you, but i did consult a lawyer and both the lawyer and the judge made things all loud and clear to all parties. i was upset and angry over the matter during that time and i know that without the lawyer's guidance, i would have definitely blown things out of proportion. good luck
2007-05-17 20:14:27 · answer #3 · answered by ogg08 5 · 0⤊ 0⤋
Sounds like the money is yours and if he gave it too you then legally you don't have to give any of it back.
Why does he want it...I mean to go to Vegas or for heart surgery?
If my parents need money I help them out and they help me when needed. Neither happens often, but working together is what families should do.
2007-05-17 19:34:49 · answer #4 · answered by Boo 3 · 0⤊ 0⤋
Just tell him, "Look Dad, you said you were giving me the money for myself and my daughter. Well, I've already spent some of it, but I'll happily give you back the rest."
2007-05-17 19:37:05 · answer #5 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Legally the money is yours,but morally that is the question only you can answer.
2007-05-17 22:53:22 · answer #6 · answered by Cookie 3 · 0⤊ 0⤋
No, it's yours now if he gave it to you. The proof is simply in the fact that you have the money in your name. When you give a gift, you give ownership.
2007-05-17 20:11:24 · answer #7 · answered by The Scorpion 6 · 0⤊ 1⤋