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joint accounts

Q&A: My ex-wife lent my money to her boss. What can I do?

June 10, 2024 By Liz Weston

Dear Liz: I recently found out that my ex lent one of her former bosses $2,500 to get his brother out of jail on bond. My ex took the money out of a joint account that I had opened with the inheritance I got when my dad died. It’s now been four years and I haven’t received a penny of the loan back. I could really use the money now as I have medical bills to pay. Question is who do I go after? My ex or the boss?

Answer: You may have read in this column that inheritances can be kept as separate property, even in community property states where other assets acquired during marriage are generally considered jointly owned.

An inheritance can lose its status as separate property, however, if it’s commingled with joint funds. That’s what you did when you opened a joint account with the money: You gave your ex access to the funds.

You certainly can ask the ex and the boss to give the money back. You could try small claims court if that doesn’t work. You also could hire an attorney, but the costs of trying to get the loan repaid may well exceed the amount at stake.

Filed Under: Couples & Money, Estate planning, Inheritance, Legal Matters, Q&A Tagged With: community property, Inheritance, joint accounts, marriage and money, separate property

Wednesday’s need-to-know money news

January 22, 2014 By Liz Weston

Today’s top story: Preparing to deal with debt collectors. Also in the news: Getting financial help while caring for elderly parents, why parents’ personal finance decisions are changing, and how to avoid being scammed by the wolves of Wall Street. Hope

What to Do Before Debt Collectors Call
Have your numbers in order.

Retirement: Get financial help for caring for parents
Getting help for the help you’re giving.

Is a Joint Bank Account the Secret to a Happy Marriage?
It’s all about transparency.

Personal Finance Decisions Parents Are Changing in 2014
Saving money to avoid student loan debt.

5 Tips to Avoid a Real “Wolf of Wall Street”
Never give your savings to a guy named “Wolfie”.

Filed Under: Liz's Blog Tagged With: aging parents, debt, debt collectors, investment fraud, joint accounts, student loan debt, Student Loans

Thursday’s need-to-know money news

September 12, 2013 By Liz Weston

School Kids DiversityWhy joint accounts aren’t always a good thing, how to raise financially savvy kids, and the psychology behind overspending.

4 Ways Joint Accounts Can Ruin Your Credit
Sharing isn’t always a good thing.

7 Personal Finance Tools Every Kid Should Have
Starting your kids off on the right financial foot.

ABCs of Obamacare: a glossary for consumers
Become familiar with the Affordable Care Act.

How to Know You’re Ready for Retirement
Preparing for one of life’s biggest transitions.

3 Reasons You Overspend
What makes us spend the way that we do?

Filed Under: Liz's Blog Tagged With: affordable care act, health insurance, joint accounts, Kids, overspending, Retirement

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