Children's Assets

[ijvandarch]

What is the name of your state (only U.S. law)? Minnesota/MN

I am an 18 year-old in Minnesota. I have just graduated from high school, and live at home with my parents, who are currently in the process of filing for divorce. I am concerned for the safety of assets of mine - I am a violinist and am pursing conservatory studies this fall. I have a violin valued at $15,000 which was given to me by my parents explicitly as a gift. It is my understanding that generally, children's assets/gifts are not included in divorce dealings, yet I assume that one usually deals with items of lesser value - toys, clothing, etc. - and that given its high value, it could be taken from me. I need it for school and freelance work to pay for school.
Can anyone explain what the road map looks like from here - and upon which factors/variables the different outcomes depend?
I am happy to provide follow-up information as appropriate.
Thank you.
IJV

 

[Humusluvr]

What is the name of your state (only U.S. law)? Minnesota/MN

I am an 18 year-old in Minnesota. I have just graduated from high school, and live at home with my parents, who are currently in the process of filing for divorce. I am concerned for the safety of assets of mine - I am a violinist and am pursing conservatory studies this fall. I have a violin valued at $15,000 which was given to me by my parents explicitly as a gift. It is my understanding that generally, children's assets/gifts are not included in divorce dealings, yet I assume that one usually deals with items of lesser value - toys, clothing, etc. - and that given its high value, it could be taken from me. I need it for school and freelance work to pay for school.
Can anyone explain what the road map looks like from here - and upon which factors/variables the different outcomes depend?
I am happy to provide follow-up information as appropriate.
Thank you.
IJV

Is one of them going to fight for the violin?

Or do they consider it yours?

Which parent are you going to live with, or are you headed out on your own soon?

 

[nextwife]

Was the violin financed? Is there A BALANCE?

If so, is it a joint debt?

 

[ijvandarch]

Thanks for your responses.

There is no balance on the violin - It was paid for in cash from a savings account.

Ownership is where things get complicated - as I mentioned, it was purchased with the intent that it be mine. I do, however, suspect that one parent will try to claim it as a family asset, requiring that the other parent buy one-half - or perhaps getting more home equity?

I am moving into dorm housing in late August - until then, we are all under one roof. (If it matters, my legal dependence will be on my mother, who views the violin as mine.)

 

[majomom1]

What is the name of your state (only U.S. law)? Minnesota/MN

I am an 18 year-old in Minnesota. I have just graduated from high school, and live at home with my parents, who are currently in the process of filing for divorce. I am concerned for the safety of assets of mine - I am a violinist and am pursing conservatory studies this fall. I have a violin valued at $15,000 which was given to me by my parents explicitly as a gift. It is my understanding that generally, children's assets/gifts are not included in divorce dealings, yet I assume that one usually deals with items of lesser value - toys, clothing, etc. - and that given its high value, it could be taken from me. I need it for school and freelance work to pay for school.
Can anyone explain what the road map looks like from here - and upon which factors/variables the different outcomes depend?
I am happy to provide follow-up information as appropriate.
Thank you.
IJV

Have you asked your parents about this? I personally cannot fathom them taking away a gift, under any circumstances, but I am curious what caused this to be of concern to you. Was something said?

I would encourage you to just ask them directly about this. It is a fair question and deserves an answer. They are the only ones that can possibly tell you if there are any factors/variables that would come into play here.

 

[Humusluvr]

Thanks for your responses.

There is no balance on the violin - It was paid for in cash from a savings account.

Ownership is where things get complicated - as I mentioned, it was purchased with the intent that it be mine. I do, however, suspect that one parent will try to claim it as a family asset, requiring that the other parent buy one-half - or perhaps getting more home equity?

I am moving into dorm housing in late August - until then, we are all under one roof. (If it matters, my legal dependence will be on my mother, who views the violin as mine.)

So, what I'm gathering is that dad is going to ask mom for $7500 in cash or equity? What a jerk?

Seniors, before divorce is filed, is there any way to get it in girl's name or gift it so that it is not a part of this divorce?

 

[majomom1]

So, what I'm gathering is that dad is going to ask mom for $7500 in cash or equity? What a jerk?

Seniors, before divorce is filed, is there any way to get it in girl's name or gift it so that it is not a part of this divorce?

Ditto on Dad being a jerk.

I would think Mom would have a strong argument that it was a gift to the daughter. Especially since it is a specialty item.

OP -- whose savings account did the money come from? If it was a joint account, then both have already paid for it and Dad would not have any grounds to claim payment for it again... and he cannot split the child's property.

 

[ijvandarch]

"I personally cannot fathom them taking away a gift"
Apparently, you've never met my dad.

But yes, he has made vague, off-handed comments about whether or not it would stay mine.
I agree that under normal circumstances, open discussion is great, but I am afraid to give him ideas or threaten him in case he took it away - these are not unreasonable possibilities.

I'm curious as to how laws regarding possession work - The money for it came from a joint account. My mother signed the cashier's check at the dealer. Is it a matter of having my name on paperwork? My mom's is on the original receipt, although the appraisal for insurance is in my name - since it was supposed to be "my" violin.

Thanks!

IJV

 

[Farfalla]

Sometimes the child(ren) get an attorney to represent their concerns. The violin is worth enough that you might want to get someone to represent you...


What will you do with the violin when you move on campus? Are you taking one that expensive to school with you?
Just to make sure that the violin does not 'walk' when you are not looking, you might want to move it to a secure location. Perhaps a climate controlled storage facility.

If dad cannot get what he thinks is 'his' half of its value, he could always try to sell it for the cash.


Hopefully the appraisal being in your name will help.

 

[LdiJ]

You are a legal adult. The violin was given to you as a gift. It is your personal property. I also recommend that you get the violin off the premises until you move to school in August. A climate controlled storage facility would be a good place to keep it, as well as any other climate controlled place where it would be secure.

Now, that won't stop your father from trying to claim it as a marital asset in the divorce, but it will be up to your mother or her attorney to argue against that.