Legal Question in Wills and Trusts in California
Joint tenancy
I was made a joint tenant to a stock portfolio worth approx 250K. The account was my wife's and her father is the executor of the account. We are now divorcing but my concern is that I've claimed the interest on my wife and I's taxes for the last 12 years. The statement identifies myself, wife, and her father as joint tenants. I tried contacting the broker to find out what assets were held but was told that my wife's dad would have to authorize me to receive information. Is there a way that I can block any transactions from occuring while we go through this divorce so that her dad does not disolve the account. I feel as though I should be entitled to some of the proceeds since my wife and I claimed the interest on our taxes but we've never withdrawn any funds.
2 Answers from Attorneys
Re: Joint tenancy
Your share should be protected but get representation immediately before something underhanded takes place. Call me directly at (619) 222-3504.
Re: Joint tenancy
you should consult with your divorce attorney regarding control over the account pending the divorce.
if the account was in joint tenancy among 3 people, the interest (and income and capital gains) from the account should have been divided in 3 equal shares. if you and your wife filed a joint return, this means you were entitled to 2/3. if you filed separate returns, this means you were each entitled to 1/3.
it is also possible that a federal gift tax return should have been filed when the joint tenancy was created. you should consult with your cpa regarding this issue.
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