I will be collecting from a rental property. My girlfriend said putting that monies into a seperate account of my own because of our past maritial situation will create a problem.
Since his last episode was Sept. 19 with the sending of lovey cards and a birthday card to the O/W I still do not trust him and I have to think of myself if something happens. Once I put it into OUR acct., if something happens he can consider that 1/2 his. Everything in our state is 50/50. So I have to keep the monies seperate if I want to make sure this does not happen. He is mentioning putting it into our acct., and I am telling him I have to keep things seperate because I do not want to mix that house expense with ours.The facial expression he had said it all = He didn't like that. The only other thought I had was to put the rental monies in OUR acct. and share it jointly as long as things are going ok with us. I still would have the house in my name only. Any other suggestions to make this situation easier to handle without hard feelings??????????? It's hard to even think that he would expect me to put this money where he would have entitlement to it if something were to happen and he took off again with her or someone else. Opinions please.................PS - I DO NOT WORK - So I am not contributing to the household income........I still help with my daughters children while she is going to Nursing School.

Lefty: I'm not a 100% certain I understand your question, but I will try to answer as best I can. So from what I gather your have a 2nd house in your name and you collect the rent? I guess I have a couple of questions, so I'll insert them here. 1) Is there a mortgage on the property? 2) Have you been "running" this property as a business? (I.E. trying to make a profit?)

Ok, that said, I think you should be running this as a business and should probably have a separate "business" account. You would pay the real estate taxes, homeowners insurance, mortgage and any management fee to yourself. Anything left over would be profit and could be split equally with your spouse.

Good luck!

RH

lefty---in a 50/50 state he would probably still be entitled to 1/2 of it weather it is in a separate account or not. why do you think he wouldnt?

this is an inheritance from my mom, so he would NOT be entitled to 1/2 of an inheritance, only something that WE bought together to make a profit.......

My girlfriend said putting that monies into a seperate account of my own because of our past maritial situation will create a problem.
What problem will be created by putting this money into your own account?

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">Originally posted by lefty:
<strong> this is an inheritance from my mom, so he would NOT be entitled to 1/2 of an inheritance, only something that WE bought together to make a profit....... </strong></font><hr /></blockquote><font size="2" face="Verdana, Arial">LEfty- double check your state's laws. This is not always the case. In many states, while the actual property inherited may be the separate property of one spouse, any gain in value or profits earned during the marriage are 50/50. You should consult with your lawyer to figure out how to protect yourself.

lefty....taking it one step further from sadfww...

Defintiely check your state's laws: because you are renting it, the proceeds you are receiving are not actually from the asset (perse) itself, like if you were to sell it. You are gaining income not from the actual inheritance itself, but from the value of it. (It would be like you inheriting a sum of money; anything you do with the money--proceeds--could be split.)

Might be advisable to check with CPA too.

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">Originally posted by LINY:
<strong> lefty....taking it one step further from sadfww...

Defintiely check your state's laws: because you are renting it, the proceeds you are receiving are not actually from the asset (perse) itself, like if you were to sell it. You are gaining income not from the actual inheritance itself, but from the value of it. (It would be like you inheriting a sum of money; anything you do with the money--proceeds--could be split.)

Might be advisable to check with CPA too. </strong></font><hr /></blockquote><font size="2" face="Verdana, Arial">Oops- I wasn't clear. Yes, the income from the rental property, along with any capital gain, could be considered marital property.