Thursday 27 March 2014

I re-married. Sold my home. I put the profit in a joint acct. Want to take some of my profit and put in personal acct that I have prior to r...

Question

I re-married. Sold my home. I put the profit in a joint acct. Want to take some of my profit and put in personal acct that I have prior to re-marry for my children when I pass. Is this OK?



Answer

You MAY have co-mingled that separate property when you put it in your joint account. You may be able to withdraw it now and claim it hasn't lost its separate nature just because it was in that joint account for a while. Still, what I would do is to have your wife sign a declaration stating that those funds are separate property and that she has no interest in it. Keep that document with your will.



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