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Ellen
Ellen, Lawyer
Category: Family Law
Satisfied Customers: 36714
Experience:  25 years of experience helping people like you.
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I was married in 2004 . We are now divorcing. I came into

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I was married in 2004 . We are now divorcing. I came into the marriage with $40,000 + of stock securities, given to me by my Grandfather.

In 2006,my husband and I opened a joint brokerage account and I transferred my securities into it. No money was ever added to it after by either of us.

My husband used it and made such poor investments that it is now worth @7000.00

I am able to trace it.

Can I overcome the burden required by a court to prove it was non-marital?

Can I hold him accountable?

Thank you in advance.
Submitted: 6 years ago.
Category: Family Law
Expert:  Ellen replied 6 years ago.
Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

Unfortunately the courts have consistently held that a transfer into a joint account converts separate property to marital property. However you have an argument that you are entitled to the entire amount remaining under equitable distribution based upon the equities of the situation. Here is how it works.

Florida is an equitable distribution state. This means that in the event of a NY divorce the "marital property" is "equitably" divided by the court. Property that is "separate property" is not divided by the court.

Separate property (not subject to property division) includes inheritances, property owned before the marriage, personal injury awards, and gifts given to only one spouse UNLESS the property is transferred into both spouses names.

Marital property (subject to equitable distribution) is basically anything that is not considered to be separate property and most income and appreciation on separate property that occurred during the marriage. Income attributable to the efforts of either spouse is marital property.

An "equitable distribution" means fair, not equal although it often is. The court in determining what is fair looks at the duration of the marriage, the assets and liabilities of the spouses, the monetary and nonmonetary contributions of each spouse and any other factor that the court expressly finds to be relevant and equitable. Your argument could be that it would be inequitable for your spouse to receive any share of the remaining funds due to his mismanagement of the funds and the original source of the funds.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER
Ellen and 4 other Family Law Specialists are ready to help you
Customer: replied 6 years ago.
Thank you, XXXXX XXXXX clarification, this was a Fla.marriage and Fla. divorce.

Because he mismanaged, I can claim it is not equitable to share the remaining money?

If I can tracethe securities, shouldn't he share the losses?
Expert:  Ellen replied 6 years ago.

Because he mismanaged, I can claim it is not equitable to share the remaining money?
Yes - this is the point that I was trying to make


If I can tracethe securities, shouldn't he share the losses?
If you mean deduct the losses from his separate property, you can make that argument but the court would not likely agree unless you can show willful and intentional loss

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