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joelaws8
joelaws8, Lawyer
Category: Family Law
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Experience:  I can answer general family law questions regarding the family code and procedure.
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I live in Arizona, 82 years of age. I have been gifting my

Resolved Question:

I live in Arizona, 82 years of age. I have been gifting my married daughter $10,000 each year for the last 10 years by placing the funds in a joint bank account.(The account is: Her name AND my name). Currently it amounts to about $100,000. When I pass-on, she plans on divorcing her husband and move into my house.
My question is: What legal actions can we take to make sure the funds in this account are not made a part of the divorce proceedings? I want the money to be hers alone. I do not want him to have any claim to any of these funds. (Not be part of the common marital assets).
Submitted: 1 year ago.
Category: Family Law
Expert:  joelaws8 replied 1 year ago.
Good evening and thank you for the question.

In Arizona, any property acquired by gift or inheritance is considered separate property of the receiving spouse. Therefore, all of this money in that account will be her separate property and he will have no claim to it.

To add an extra layer of protection, you could sign an affidavit stating that you gave that money to her to be her separate property and by no means meant for it to be a joint gift to the couple. You can also disinherit him in your will to further show your intent that you want nothing to go to him. Your daughter can then use those things as evidence in the divorce if that money becomes an issue.

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Thank you very much,
Joe
joelaws8, Lawyer
Category: Family Law
Satisfied Customers: 369
Experience: I can answer general family law questions regarding the family code and procedure.
joelaws8 and other Family Law Specialists are ready to help you
Customer: replied 1 year ago.

Will she have to identify these assets in the divorce proceedings?

Expert:  joelaws8 replied 1 year ago.
Thank you very much for the positive rating!

Most likely, yes. If not, and then it comes to light that she had this money, the court may award the husband part of it due to her non-disclosure of assets.

Also, if they become of issue, they will have to be specifically listed in the order.

If the court agrees that she should keep all of the money in that account (which it should), then there will probably be a line that says, "It is ordered that all property that is in the exclusive possession and control of the Wife shall now be considered her sole and separate property and that Husband shall have no subsequent claim to this property."

I hope that answers your question! If so, please positively rate my answer. Experts only receive compensation for answers when the customer rates the answer. Rating my answer will NOT preclude you from asking follow up questions in the future, should any arise. In fact, if you rate my answer, your follow up questions will be my highest priority! If you would like any additional information or have more questions please don’t hesitate to ask!

If you feel the need to click either "Bad service" or "Poor service", please stop and reply to me via the REPLY or CONTINUE CONVERSATION button with the issue you have. I will be very happy to continue further and do everything I can to provide you with the service you seek at no additional charge.

Thank you very much,
Joe
Customer: replied 1 year ago.

Thanks!

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joelaws8
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I can answer general family law questions regarding the family code and procedure.