I have a random question.

I have a bank account in MY name only. I've had it ever since we seperated 7 years ago when I first found out about A. I continue to use it. H has access to it but his name is NOT on it.

But, he is listed as the beneficiary. I realized this when I was inquiring @ the bank about different types of accounts & accounts for minors.

SO I was wondering....lets say I had a savings acct. of a million dollars (hypothetical, of course! LOL) & I died leaving H as beneficiary.

Would the courts be able to count it as a form of income or anything & take a portion of it for OC CS? or use it to increase OC CS?

xoxoxoxo
kt

I don't know the law but if you leave it to your kids and they are minors wouldn't your H be in charge of it? The court could not factor that money into child support if it does not belong to him.

KT,

I'm a licensed Financial Advisor. No, CS is determined by income not assets. At least in my state it isn't. I think I told you off line what state I live in.

Tee

You know the old addage, every state is different. If I were you I'd just make children beneficiaries and you may already have a living will that makes your H executor in case of your death. I hate all that planning stuff for the worst case scenario. We have 3 children and don't have it in writing, but as soon as baby is born, we will be doing all that yucky stuff.

From what I have read in previous cases it differs state from state. For instance if your H stopped working and had no other income coming in and claimed it as his only income, then some states would probably allow increase requests based on this money.


The state of Texas might allow this based on the following statutes below in which assets could be monetary based on state's definition:


§ 154.062. NET RESOURCES. (a) The court shall
calculate net resources for the purpose of determining child
support liability as provided by this section.
(b) Resources include:
(1) 100 percent of all wage and salary income and other
compensation for personal services (including commissions,
overtime pay, tips, and bonuses);
(2) interest, dividends, and royalty income;
(3) self-employment income;
(4) net rental income (defined as rent after deducting
operating expenses and mortgage payments, but not including noncash
items such as depreciation); and
(5) all other income actually being received,
including severance pay, retirement benefits, pensions, trust
income, annuities, capital gains, social security benefits,
unemployment benefits, disability and workers' compensation
benefits, interest income from notes regardless of the source,
gifts and prizes, spousal maintenance, and alimony.
© Resources do not include:
(1) return of principal or capital;
(2) accounts receivable; or
(3) benefits paid in accordance with aid for families
with dependent children.

§ 154.067. DEEMED INCOME. (a) When appropriate, in
order to determine the net resources available for child support,
the court may assign a reasonable amount of deemed income
attributable to assets that do not currently produce income.

Well, thanks guys......yah I was thinking I should just put in the ktbunch's name to be totally safe. (not like I really have a million dollars!!!!!! LOL) But every penny adds up & eventually, worst case scenario, I would hate any little bit to be 'lost'! kwim?

You know ALL this stupid stuff you just don't think you have to worry about! ugh!!!


xoxoxox
kt

Have you thought of a family trust? Like the KTbunch family trust account?