Assets

[jci63]

Michigan

Unfortunately after 26 years I may be getting divorced. My question is my wife's name is on property jointly owned with her parents along with several bank accounts. Are these assets belonging jointly in my wives name part of the divorce settlement?

 

[mistoffolees]

Michigan

Unfortunately after 26 years I may be getting divorced. My question is my wife's name is on property jointly owned with her parents along with several bank accounts. Are these assets belonging jointly in my wives name part of the divorce settlement?

The only possible answer is 'maybe'. It depends on when they were purchased, who paid for them and what was the source of money, and whether marital assets were mingled.

 

[jci63]

The property was given to my wife in 1997, she was basically added to all accounts and the deed to the property. 40 acres with 2 homes.

 

[LdiJ]

The property was given to my wife in 1997, she was basically added to all accounts and the deed to the property. 40 acres with 2 homes.

Then it was gifts from her parents, and gifts are separate property. Therefore they will not be part of the divorce settlement.

Also, as a purely person question, how would you feel if someone went after YOUR parent's assets?