Check out some similar questions!

jwaddell · Jul 9, 2007, 09:41 AM

Hello-

I am a married 43 year old female. I have been married for 16 years and have three children. Recently my husband's mother passed away and left my husband and his three borthers approximately $60,000.00 each.

My first question is; am I entitled to half of this money, being his wife, if we were to divorce?

Secondly - I am planning to pay off approximately $15,000.00 in bills/loans. How should I invest the rest of the money? Should I put some into an IRA for retirement or into an existing IRA? I also think I should put some in CD's. Should I hire someone to advise us?

I really appreciate any assistance that you may be able to offer.

tacramer · Jul 9, 2007, 10:34 AM

Originally Posted by jwaddell

hello-

I am a married 43 year old female. I have been married for 16 years and have three children. Recently my husband's mother passed away and left my husband and his three borthers approximately $60,000.00 each.

My first question is; am I entitled to half of this money, being his wife, if we were to divorce?

Secondly - I am planning to pay off approximately $15,000.00 in bills/loans. How should I invest the rest of the money? Should I put some into an IRA for retirement or into an existing IRA? I also think I should put some in CD's. Should I hire someone to advise us?

I really appreciate any assistance that you may be able to offer.

You need a professional to help you with this... there are unpaid resources through your county or state bar assn...

You have to deal with taxes, cash flow, plans for Your kids... etc... Do not try this with out consulting someone you can sue if they're wrong.

ScottGem · Jul 9, 2007, 10:58 AM

The money will become part of your community property.

There are restrictions on how much you can contribute to an IRA in any year, so that's probably not the best option. I would contact a financial advisor to suggest the best investment vehicles for you giving your goals and risk tolerance. I would seriously consider long term investments for retirement and maybe college fund investments.

Emland · Jul 9, 2007, 11:18 AM

Not all states are community property states, for instance, Virginia is not. I found that out through our estate planner.

Most estate planners will give you a free consultation - then you can make an informed decision on where to put your money.

derekwwp · Jul 10, 2007, 12:56 AM

Not only are some state not community property states, but even if they are, many states treat inheritance as separate property (see for example Arizona Revised Statutes Section 25-211 that provides that "All property acquired by either husband or wife during the marriage is the community property of the husband and wife except for property that is:
1. Acquired by gift, devise or descent"). However, even if the property is deemed separate property, it can become community property by being commingled with community property (e.g. putting it in a joint account, paying for something held jointly, etc.). Look into your state's marital property laws that are generally accessible online through the state's legislative site. If you had indicated your state, I would have posted a link for you.

Derek

Clough · Jul 10, 2007, 01:05 AM

I would follow the advice that you have been given above.

You keep using the word "I" as opposed to "We" concerning the situation. Gosh, I hope that you aren't planning on getting a divorce.

I would think that if you were to get a divorce that all monies that either of you have would come into play as far as being used to take care of you and your husband's children that you have had together.