Joint account or separate account

[agzg]

Originally Posted by DrPhil

Does this safety measure include divorce or only death?

That portion covers only death.

The divorce portion I believe is quite simple (well, in theory) - listing of major assets/accounts, and whoever has what prior to marriage has that after (if it's still around). For joint acquisitions, they have a 50/50 split if they can.

This is because they're retired so while they don't necessarily have a tight budget, it is a fixed income. So there won't be any "I put you through school and now you make X amount of money."

I know they worked on it for a really long time. They seem happy with it, so I'm happy with it. None of that stuff is "mine" anyway - my dad already gave me a lot of things that were my mom's that hold more sentimental value than her life insurance payout. That was for him.

[DrPhil]

Originally Posted by agzg

That portion covers only death.

The divorce portion I believe is quite simple (well, in theory) - listing of major assets/accounts, and whoever has what prior to marriage has that after (if it's still around). For joint acquisitions, they have a 50/50 split if they can.

This is because they're retired so while they don't necessarily have a tight budget, it is a fixed income. So there won't be any "I put you through school and now you make X amount of money."

I know they worked on it for a really long time. They seem happy with it, so I'm happy with it. None of that stuff is "mine" anyway - my dad already gave me a lot of things that were my mom's that hold more sentimental value than her life insurance payout. :P That was for him.

Makes sense!

Pre-nups; separate accounts; and separate investments all protect oneself or family/kids (for those who have family/kids to protect). Protection is protection regardless of who is being protected and where the resources are coming from. That's what Centaur1963 was saying.

[agzg]

Originally Posted by DrPhil

Makes sense!

Pre-nups; separate accounts; and separate investments are all to protect yourself or your family/kids (for those who have family/kids to protect). Protection is protection regardless of who is being protected. That's what Centaur1963 was saying.

Right right right I was just giving a "real life" example. I'm also lucky that my dad/his fiancee are very pragmatic people and could see that there might be conflict in the future, since I don't get along very will with her daughter (thankfully we're grownups who only have to see each other a handful of times in our lives and live very far away from one another) so wanted to lay out the terms of their pre-nup/wills with us prior to their wedding since she is the executor of her mother's will, and I am the executor of my father's will.

I'd hate for my father's/mother's assets to be sold to fund a tea party rally.

[DrPhil]

Originally Posted by agzg

Right right right I was just giving a "real life" example. I'm also lucky that my dad/his fiancee are very pragmatic people and could see that there might be conflict in the future, since I don't get along very will with her daughter (thankfully we're grownups who only have to see each other a handful of times in our lives and live very far away from one another) so wanted to lay out the terms of their pre-nup/wills with us prior to their wedding since she is the executor of her mother's will, and I am the executor of my father's will.

I'd hate for my father's/mother's assets to be sold to fund a tea party rally.

I understand. This all helps those who do not want all of their eggs in one basket.

Yes only her own money can be used to fund "tea parties."

(I keep saying "right right right...." LOL)

[agzg]

Originally Posted by DrPhil

I understand. This all helps those who do not want all of their eggs in one basket.

Yes only her own money can be used to fund "tea parties."

(I keep saying "right right right...." LOL)

To continue to hijack this thread - the first time I met her, her first words were "God I hate that asshole Obama. I don't care if it's rude. If anyone here likes him we're going to have problems."

I could go either way on President Obama any given day but that's not the way to make a good first impression.

[33girl]

agzg, that's exactly the kind of thing I was talking about. (The house thing, not the Obama is an asshole thing.)