Q: If my wife puts jointly earned money into an inheritance trust does that make the entire trust joint?
My wife inherited $1.5M and has put the proceeds into an account with only her name on it. My wife received an email from the attorney who divided the money between her siblings telling her she will receive an additional $50K. The email states the added money is compensation for leaving her job and caring for her mother the year prior to her death. Is the $50K considered joint? If so should she combine the jointly earned money with her inherited money does that make all the money joint/marital even though only her name is on the account in the event of a divorce?
A: It sounds like a good case could be made for the $50,000 being marital property. However, if she combined the $50,000 with her actual inheritance, the entire account would not be deemed to be marital property.
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