Mutual Fund

[mauricetill]

What is the name of your state? Maryland

Saw my lawyer today with my wife's lawyer, now she wants my mutual fund that I started before I got with her, but was still contributing during the marriage is that right.

 

[seniorjudge]

What is the name of your state? Maryland

Saw my lawyer today with my wife's lawyer, now she wants my mutual fund that I started before I got with her, but was still contributing during the marriage is that right.

Did she contribute anything to it?

Did your contributions come from a joint account with sweetie?

 

[Zephyr]

What is the name of your state? Maryland

Saw my lawyer today with my wife's lawyer, now she wants my mutual fund that I started before I got with her, but was still contributing during the marriage is that right.

for her half of the portion you contributed during the marriage....

 

[LdiJ]

What is the name of your state? Maryland

Saw my lawyer today with my wife's lawyer, now she wants my mutual fund that I started before I got with her, but was still contributing during the marriage is that right.

She is entitled to a share of the equity/appreciation that accrued during the marriage.

Example: If the fund was worth 20,000 when you got married, and it is worth 40,000 now...then she would likely be entitled to 1/2 of 20,000 - 40,000/2 = 10,000

That is a simplistic example...but it give you the idea.

 

[mauricetill]

Thanks, would I have to cash it in to give it to her or can she wait until I cash it in and also will she have to pay the taxes on it.

 

[LdiJ]

Thanks, would I have to cash it in to give it to her or can she wait until I cash it in and also will she have to pay the taxes on it.

Unless it can be divided without funds being withdrawn, you would have to cash in part of it to pay her, her share. You would have to do it at the time the property settlement was reached. Most likely you would be responsible for the taxes....although that could be negotiated or even ruled on by the judge. Since we are talking about capital gains tax and share of a mutual fund, its not automatic that there would be taxes to be paid.