Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal
This answer was rated:

In the case of mutual fund accounts that are JTWROS, in the

case of a divorce when...
In the case of mutual fund accounts that are JTWROS, in the case of a divorce when the account are to be split 50/50 in settlement , does the joint ownership stand? Can either party in the JTWROS account change, transfer or cash in the account without notice to the other party? If changes are made to the account does the party not initiating the change have to sign off on the changes being made? The brokerage firm handling it told me the account is no longer in two names, only my ex-wife's and she is refusing to give me my share. The broker says he can't talk to me, since its in her name only-and refuses to tell me how/when that happened. Franklin County, Ohio
Show More
Show Less
Ask Your Own Legal Question
Answered in 7 minutes by:
6/18/2013
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102,694
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
Verified
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

I am very sorry for your situation.

Even if the mutual accounts are JTWROS, this is preempted by the fact the accounts are marital property under ORC 3105.171(A)(3)(a) et seq. As such, neither party should be maliciously withdrawing funds from the accounts to hide them.

Of course, just because they should not be does not mean that they cannot. Thus, in such situations if one party does not trust the other, during the divorce, a party often requests a motion for temporary orders to enjoin both parties from taking out the money until the divorce is settled. A party that has taken out money maliciously may also be made to return it.

If changes are made to the account does the party not initiating the change have to sign off on the changes being made?

This depends on what you mean by "changes," but not really. Both parties have equal rights to the money and it is unusual for both parties to have to sign off on any withdrawal.

The brokerage firm handling it told me the account is no longer in two names, only my ex-wife's and she is refusing to give me my share. The broker says he can't talk to me, since its in her name only-and refuses to tell me how/when that happened.

It sounds like she took your name off. As such, if you are divorcing (or if not yet, but when), then individuals in your situation may wish to file for temporary orders asking the Court to (1) freeze the accounts and (2) have her return anything she has taken out, until the matter is resolved at final hearing.

I hope this helps and clarifies. Best of luck.

Please note: I aim to give you genuine information and not necessarily to tell you only what you wish to hear. Please, rate me on the quality of my information and do not punish me for my honesty. I understand that hearing things less than optimal is not easy, and I empathize.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE my answer when we are finished. Kindly rate my answer as one of the top three faces and then submit, as this is how I get credit for my time with you. Rating my answer the bottom two faces does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith. (You may always ask follow ups at no charge after rating.)
Ask Your Own Legal Question
Customer reply replied 4 years ago

Thank you Ely. The divorce is final (2010) and the decree said the account would be split 50/50 upon maturity which was last year. That's when she told me she wasn't sharing, despite what the court settlement stated because she didn't "trust me to use it for the children"-which she stated in an email that I have.

 

Shortly after she state that, I contacted the firm and they told me the fund was in only one name-hers-and would give me no further information, including when this occurred. So do I sue for my share? And since she is in violation of the decree, go for contempt so she will have to pay my attorney bill?

Hello friend,

Ah, I see what has happened.

So do I sue for my share? And since she is in violation of the decree, go for contempt so she will have to pay my attorney bill?

Go for contempt. This is arguably contempt of Court. Contempt is when a party does not do what is mandated by the Court. The Court has the right to then punish the party, which may include admonishment, fines, amount to pay you for the cost in bringing the motion, and/or even imprisonment upon failure to do what is necessary to correct the matter. ORC 2705.01 et seq - see here.

Often, the mere threat of filing contempt will have the party do what is necessary, to avoid being held in contempt.

I hope this clarifies. Again, best of luck.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE and submit your rating when we are finished.
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102,694
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
Verified
Ely and 87 other Legal Specialists are ready to help you
Ask your own question now
Customer reply replied 4 years ago

Thank you Ely, I should have clarified regarding decree. Contempt it is!

No worries... best of luck!
Ask Your Own Legal Question
Ask Ely Your Own Question
Ely
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102,694
102,694 Satisfied Customers
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

Ely is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

102,694 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,218 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

41,455 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

287 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
I live in a Shared Ownership property which was bought in
I live in a Shared Ownership property which was bought in 2007 along with my now ex wife. We split up shortly after moving here and are divorced now, but it seems the solicitors did not process the re… read more
Joshua
Joshua
Lawyer
LL.B (Hons), Prof. Dip. Law & Pract
14,120 satisfied customers
If I entered into a verbal ownership agreement with a person
if I entered into a verbal ownership agreement with a person to own 50% of my commercial building, but allowed him to use some of my space for four years, how do I get back the legal right to sell my … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,959 satisfied customers
I have a question regarding transfer of ownership of real
I have a question regarding transfer of ownership of real estate in Minnesota. … read more
Michael Bradley
Michael Bradley
JD
1,131 satisfied customers
I have a 10% ownership in a closely held corporation-90% is
i have a 10% ownership in a closely held corporation-90% is owned by other individual who is also one of the original shareholders. I was getting $400 weekly check as part of our arrangement for my $6… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,959 satisfied customers
I have joint ownership in a home with my now ex boyfriend of
I have joint ownership in a home with my now ex boyfriend of 13 years. I moved out, he lives in it and does not want to sell. If I wait until next year, while he's been making payments on it, am I sti… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Yesterday we bought into Wyndham Vacation Ownership in
Yesterday we bought into Wyndham Vacation Ownership in Nashville Tn. We fell that they were not honest and that we were mislead.Is it possible to get our money back? … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
27,509 satisfied customers
I need to secure a ownership % of a property with a lien in
I need to secure a ownership % of a property with a lien in phoenix AZ … read more
Ray
Ray
Lawyer
Doctoral Degree
30,259 satisfied customers
I want to change the ownership of my web account with all
I want to change the ownership of my web account with all domains and email accounts to another person. Technically this is easy, just change my detail information with new information. However, I wou… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
41,455 satisfied customers
How can one legally transfer ownership to another of a non
How can one legally transfer ownership to another of a non profit organization … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,959 satisfied customers
I have a question about a pet ownership dispute in the state
I have a question about a pet ownership dispute in the state of NC. … read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
896 satisfied customers
I was informed that ownership of a gold shipment has to be
I was informed that ownership of a gold shipment has to be changed. Iam the receiver, but need to know the fees for changing ownership. … read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
34,933 satisfied customers
Question on disbursement of marital property during
question on disbursement of marital property during separation in florida … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,959 satisfied customers
Is there a new law that will limit ownership of stock to
Is there a new law that will limit ownership of stock to those who have over $300,000 should the dollar crash? … read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,094 satisfied customers
What is the cost of change in ownership in Ghana for will
What is the cost of change in ownership in Ghana for will that has passed property to a child of majority age? … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I have a question about selling/transferring ownership of an
I have a question about selling/transferring ownership of an LLC to a a new person. … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I have a construction company with a partner 50% ownership.
I have a construction company with a partner 50% ownership. We just had a general liability insurance audit and they are giving us hard time. My partner duties are administration and they excluded his… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
41,455 satisfied customers
Does a bill of sale for a dog automatically mean ownership
Does a bill of sale for a dog automatically mean ownership and awarding of custody of the dog. … read more
Ely
Ely
Counselor at Law
102,694 satisfied customers
How to transfer ownership of LLC in Michigan? 1. The LLC was
How to transfer ownership of LLC in Michigan? 1. The LLC was filed by my husband and he is sole member. 2. There is no operating agreement 3. There was no business activities whatsoever, basically the… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x