There are problems when married couples dont own assets jointly

Steve: Buddy was talking about his daughter married to her husband they've got two kids. They've been married about 15 years but he mentioned that his daughter's husband does all the houses in his name and the cars are in his name and all the bank accounts are in his name. I guess the wife just plays the wife with the kids and whatnot and he was worried about the legalities of doing it that way putting everything in the husband's name. If anything should happen to the husband, would his daughter have any issues or any problems? I don't know about the will or anything but now I'm just surprised everything is in the husband's name and the daughter has nothing.

Attorney Tom Olsen: Do they have children together?

Steve: What would be the deal or something-- Yes, they do. They have two.

Attorney Tom Olsen: Does he have any children from a previous marriage?

Steve: No, this is both their first marriage, high school sweethearts from day one.

Attorney Tom Olsen: Good. Well, first of all, most of our clients most married couples own everything jointly. These folks are already out of the ordinary by the fact that everything's in the husband's name only. Let's talk about this. If the husband were to pass away without a will, Florida statutes would write a will for him and it would say everything goes to his wife. It would require probate to get there, but she's going to end up with everything. Number two, if they get divorced the fact that the assets are in his name only is not going to mean anything.

If they've accumulated this wealth, money in the bank, equity in the home while they're married, she's going to get half of it even if her name is not on those accounts. Then we just get down to the third practical controlling side of things. Yes, he's controlling all the money if the bank accounts are in his name only. She doesn't have a right to look at them, doesn't know what's going in and out of them and I find that to be a bit bothersome just personally. This may be the thing that she may want to speak up for herself and say, "Look honey, it's our money. You may be earning it, but it's our money. I'd like to at least have my name on the bank account so I can get an understanding of them, see the monthly statements about what's going on in there.

Steve: You had mentioned about going through probate if her name was on the house and all the accounts like that if he was to pass but then she wouldn't have to worry about anything. It just automatically go to her name without going through court.

Attorney Tom Olsen: That's exactly right, Steve. Most of our clients, married couples own everything jointly. That means when one of them passes away, the survivor automatically owns it all. No probate required. If the assets are in the husband's name only, we just spoke about that he may pass away. Florida statutes is going to say everything goes to the wife but it would require probate to get there because the assets are in his name only.

Steve: I'll let my buddy know. [laughs] Thank you.

Attorney Tom Olsen: Yes. We don't want to be marr-- Thank you, Steve, we appreciate it. Not that we're going to be marital counselors here, but this day and age, it would make sense especially them first marriages 15 years it would make sense to have the wife's name on all the assets, the home bank accounts.

Attorney Chris Merrill: Well, I think what Steve was asking because he's concerned about his friend and obviously friend's daughter is, in particular, it would be difficult I think that is really the bottom line of the question. If something, God forbid, did happen to this husband, now it will be difficult for the wife. She will have to go through processes. It won't be easy.

Attorney Tom Olsen: Exactly.

Attorney Chris Merrill: That's the bottom line. It's about it's even if everything else if they agree that it's that way it's because of the structure of the way they have it, it will be challenging for her.

Attorney Tom Olsen: When we do probates for people from the day they started, it takes up to 30 days for the executor to be appointed and if bank accounts truly are in his name, it means that's 30 days that she's not going to have access to those funds. Now that would cause a hardship.

Attorney Chris Merrill: Very likely.

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