He took my money

[steffb503]

What is the name of your state (only U.S. law)? NY
My husband has transferred 50% of my money into an account in his name only.
He has already spoken to a lawyer about a divorce and this was the advice the lawyer gave him.
Is there a law in regards to a time frame in which one party can transfer money?
Thanks

 

[stealth2]

Was this money that was earned while you were married? Then he likely did nothing wrong as it is most likely marital property. I'd open my own acct and move what remzans into it.

 

[Silverplum]

What is the name of your state (only U.S. law)? NY
My husband has transferred 50% of my money into an account in his name only.
He has already spoken to a lawyer about a divorce and this was the advice the lawyer gave him.
Is there a law in regards to a time frame in which one party can transfer money?
Thanks

Joint account = Our money. He can remove half.

I don't know why you wonder about the timeframe, but if his name is on the account, it's as much his as yours.

 

[Proserpina]

It's true that either party can transfer funds....but it doesn't necessarily come without consequences.

New York is not a community property state and when everything is divvied up, one of the conditions which may be considered is "whether either spouse has transferred or encumbered marital property in contemplation of divorce without fair consideration"

Husband may just find he's shot himself in the foot.

Greed will only get you so far.

 

[Proserpina]

Was this money that was earned while you were married? Then he likely did nothing wrong as it is most likely marital property. I'd open my own acct and move what remzans into it.

And you be running the risk of being smacked by a Judge

With the benefits marriage provides (hi Mr Taxman!), also come the hiccups.

 

[tuffbrk]

Please contact a few lawyers for consultations and retain one. Be certain that it is an attorney that has a financial expert on staff. Also, TODAY move the remaining funds to a new account in your name. Do not forget about any auto debits/credits associated with the account. You will need to notify those vendors and discuss with your attorney the impact on the 50/50 split of funds as compared to any expenses charged to the account monthly (such as life insurance premiums, car insurance, etc.)

If you have continued to co-mingle your business expenses/profits within your personal account, be certain to spend time with a financial expert as soon as you possibly can. You need to protect your business income to at least be able to continue to pay any business expenses such as taxes, landlord repairs, etc.

Good luck.

 

[Ohiogal]

It's true that either party can transfer funds....but it doesn't necessarily come without consequences.

New York is not a community property state and when everything is divvied up, one of the conditions which may be considered is "whether either spouse has transferred or encumbered marital property in contemplation of divorce without fair consideration"

Husband may just find he's shot himself in the foot.

Greed will only get you so far.

It says without fair consideration. He only took HALF. How much did he contribute? was he working at all? did he deposit any money into that account?

 

[latigo]

What is the name of your state (only U.S. law)? NY
My husband has transferred 50% of my money into an account in his name only.

He has already spoken to a lawyer about a divorce and this was the advice the lawyer gave him.

Is there a law in regards to a time frame in which one party can transfer money?

Thanks

Curious as to why you assert that it was "your money".

Because if it was not your "separate property" - as apart from "marital property",* then your husband's lawyer advised exactly as I would have. Withdraw 50% before you withdraw all of it!

And if the marital debts could not be satisfied other than by the use of the account, I would have had him withdraw and secure for that purpose all of it.
___________________

Another curiosity is why you would be concerned about a "time frame in which one party can transfer money" when you claim that it was "your money"! It seems to me that your question admits that there would be a time within which he could lawfully do so. Which seems to contradict your theory that it wasn't his money to transfer. ????
___________________________


[*] NY Domestic Relations Law (DLR) Section 236 Part B

"Subsection c. The term "MARITAL PROPERTY" shall mean all property acquired by either or both spouses during the marriage and before the execution of a separation agreement or the commencement of a matrimonial action, regardless of the form in which title is held, except as otherwise provided in agreement pursuant to subdivision three of this part. Marital property shall not include separate property as hereinafter defined.

d. The term "SEPARATE PROPERTY" shall mean: (1) property acquired before marriage or property acquired by bequest, devise, or descent, or gift from a party other than the spouse; (2) compensation for personal injuries; (3) property acquired in exchange for or the increase in value of separate property, except to the extent that such appreciation is due in part to the contributions or efforts of the other spouse; (4) property described as separate property by written agreement of the parties . . . ". (Emphasis added)

 

[steffb503]

Well yes i do consider it my money. Although it was accumulated during the marriage. I had an accident and was awarded $500,000.00 then my mother passed away and I inherited an additional large sum.
I have not worked since my accident and although he worked he never deposited a penny into that account, only took money out for bills.

I ask about a time frame because I was under the impression that once divorce proceedings were started no money could be transferred. He has hired a divorce attorney and has a written agreement that he wishes me to sign.

So legally I can cash out the balance?

 

[Proserpina]

It says without fair consideration. He only took HALF. How much did he contribute? was he working at all? did he deposit any money into that account?

She did say "hers".

 

[Bali Hai]

She did say "hers".

That will be for a judge to decide. Sounds like a marital account to me.

 

[Proserpina]

That will be for a judge to decide. Sounds like a marital account to me.

If me dog sniffled your shoes you'd think she was asking for alimony. What would that be, anyway? Puppymony?

 

[Bali Hai]

If me dog sniffled your shoes you'd think she was asking for alimony. What would that be, anyway? Puppymony?

Cut back on the wine, it's early yet.

 

[latigo]

Well yes i do consider it my money. Although it was accumulated during the marriage. I had an accident and was awarded $500,000.00 then my mother passed away and I inherited an additional large sum.

I have not worked since my accident and although he worked he never deposited a penny into that account, only took money out for bills.

I ask about a time frame because I was under the impression that once divorce proceedings were started no money could be transferred. He has hired a divorce attorney and has a written agreement that he wishes me to sign.

So legally I can cash out the balance?

Well then it is your money, or at least it was your separate property at the time received.

But it is likely that your husband is going to argue that the money was transmuted from separate to marital by either commingling and/or that depositing it in a joint account constituted a gift to the marital estate.
_____________

Regarding you question about the timing of his action in proximity to starting a divorce action:

In New York, as in many other states, the filing of a divorce precipitates an automatic TRO that enjoins both parties from transferring marital assets.. (It prohibits much more, but to know you will need to read it at NY DRL §236(B)(2).

However, all we are told is that your husband has been merely talking to his divorce lawyer and nothing yet filed.

What you need to do is to quit looking for answers on the Internet and get with your own divorce lawyer and quickly!.

In the meant time, yes - cash out the balance! But before anyone files.

 

[Bali Hai]

Well then it is your money, or at least it was your separate property at the time received.

But it is likely that your husband is going to argue that the money was transmuted from separate to marital by either commingling and/or that depositing it in a joint account constituted a gift to the marital estate.
_____________

Regarding you question about the timing of his action in proximity to starting a divorce action:

In New York, as in many other states, the filing of a divorce precipitates an automatic TRO that enjoins both parties from transferring marital assets.. (It prohibits much more, but to know you will need to read it at NY DRL §236(B)(2).

However, all we are told is that your husband has been merely talking to his divorce lawyer and nothing yet filed.

What you need to do is to quit looking for answers on the Internet and get with your own divorce lawyer and quickly!.

In the meant time, yes - cash out the balance! But before anyone files.

Husband has taken his half of the marital account, so OP likely need not worry about him taking more. But yes she should move her half of the money to an account under her exclusive control immediately.