can I take all the money

[ladtbug81]

What is the name of your state (only U.S. law)? Arizona

After thirty years of marriage we are selling our house. WE both agree and have signed papers. I want to know that when the money is put into our joint checking account can I take it out? I want to gift it to my two daughters and their husbands. Do I have to have my spouse agree to this? Neither of us have filed any type of court papers. If at some time down the road if my spouse files divorce or separation can taking the money affect me then?

 

[TinkerBelleLuvr]

Will this be a gift from both yourself AND your husband?

 

[Just Blue]

What is the name of your state (only U.S. law)? Arizona

After thirty years of marriage we are selling our house. WE both agree and have signed papers. I want to know that when the money is put into our joint checking account can I take it out? I want to gift it to my two daughters and their husbands. Do I have to have my spouse agree to this? Neither of us have filed any type of court papers. If at some time down the road if my spouse files divorce or separation can taking the money affect me then?

Are you doing this to "hide" the money?

 

[ladtbug81]

I was not planing on asking him.

 

[ladtbug81]

One of my daughters was wanting the money to remodel a part of their house.

 

[Just Blue]

I was not planing on asking him.

sigh...

Are you going to leave your husband, and is this an attempt to hide assets?

 

[TinkerBelleLuvr]

Out of curiousity, are YOUR daughters also your husband's daughters?

 

[LdiJ]

What is the name of your state (only U.S. law)? Arizona

After thirty years of marriage we are selling our house. WE both agree and have signed papers. I want to know that when the money is put into our joint checking account can I take it out? I want to gift it to my two daughters and their husbands. Do I have to have my spouse agree to this? Neither of us have filed any type of court papers. If at some time down the road if my spouse files divorce or separation can taking the money affect me then?

Why do you think that its ok to take the equity that you receive from your home and gift it to your children, without telling or asking your husband?

I am not asking the question to be snarky, I am trying to understand why you would do that and your reasons for doing that.

 

[Ohiogal]

Why do you think that its ok to take the equity that you receive from your home and gift it to your children, without telling or asking your husband?

I am not asking the question to be snarky, I am trying to understand why you would do that and your reasons for doing that.

Dear goodness gracious I actually was going to type this same thing. OP, doing this may very well end your marriage.

Also, if you do this, AND hubby files for divorce, he could recoup ALL of the value from YOU personally since you chose to transfer a large asset to YOUR children. (You don't even mention if these are HIS children). Courts do NOT like massive transfers of marital property like this. The bank will not stop you from removing the money from a joint account but there can DEFINITELY be repercussions for doing so.

 

[nextwife]

Omg!!!!!!!!

 

[Proserpina]

Omg!!!!!!!!

I'm glad I'm not the only one who thought that

 

[ladtbug81]

Yes they are his daughters as well as mine. We are selling because he wont get a job to help pay bills. I am moving in with one of my daughters and her family. He is hinding his SS money when I have been borrowing hundreds from my daughter for bills. She saved my car from being reposessed. I have been working steadily while the past ten years he has worked off and on because no one will offer him the salary that he wants. He spends money like water, and continues to over draw the account when there are bills due. He leaves for hours and even sometimes days with no explanation. He has not asked the girls to stay with them so they wont offer it to him. Neither one of us like being around eachother but neither one of us have the desire to divorce.

I believe my daughter will use the money to add on to her house for me to have my own living space. Although she has not said so I have overheard some talk.

 

[Just Blue]

Yes they are his daughters as well as mine. We are selling because he wont get a job to help pay bills. I am moving in with one of my daughters and her family. He is hinding his SS money when I have been borrowing hundreds from my daughter for bills. She saved my car from being reposessed. I have been working steadily while the past ten years he has worked off and on because no one will offer him the salary that he wants. He spends money like water, and continues to over draw the account when there are bills due. He leaves for hours and even sometimes days with no explanation. He has not asked the girls to stay with them so they wont offer it to him. Neither one of us like being around eachother but neither one of us have the desire to divorce.

I believe my daughter will use the money to add on to her house for me to have my own living space. Although she has not said so I have overheard some talk.

What you are planning will LEGALLY bite you in the a$$. Take your share of the PROFITS of the home. But do NOT take his.

When you file for divorce you may address the other issues.

 

[ecmst12]

File for divorce. You are entitled to no more then half of the profit from the sale. What you are proposing is unethical and illegal and will definitely get you in trouble.

 

[LdiJ]

Yes they are his daughters as well as mine. We are selling because he wont get a job to help pay bills. I am moving in with one of my daughters and her family. He is hinding his SS money when I have been borrowing hundreds from my daughter for bills. She saved my car from being reposessed. I have been working steadily while the past ten years he has worked off and on because no one will offer him the salary that he wants. He spends money like water, and continues to over draw the account when there are bills due. He leaves for hours and even sometimes days with no explanation. He has not asked the girls to stay with them so they wont offer it to him. Neither one of us like being around eachother but neither one of us have the desire to divorce.

I believe my daughter will use the money to add on to her house for me to have my own living space. Although she has not said so I have overheard some talk.

Do NOT gift any money to your daughters. Take your half of the money and put it in an account of your own, keeping a good paper trail of the money.

Then, move in with your daughter if you like, or get a small place of your own.

I honestly would not recommend using your money to remodel your daughter's home. If she and HER husband end up getting a divorce, you will lose much or all of the money that you put into her house. You could loan them the money, with an iron clad contract for repayment, and then pay them rent for the space you occupy.

You can also repay your daughter the money she loaned you and your husband jointly, to pay the bills, BEFORE you take your half of what remains.