I wish *I* was getting $65,000

[DuckLady]

Inherited money is separate property unless put into a jointly owned asset.

*edited to remove personal info.*

 

[sonew123]

I would need more than that to pay off our debts!!!

(house included) but it would pay off all CC debts and leave enough to get ahead for a while. Then re-build the garage into the most pimped out breeding facility I could afford

 

[chickeypoo]

we live in a little trailer right now.. so id take some of that and put a down payment on a house, and id pay off our credit card bills and the hospital bills, and other bills.. put some aside and be happy i have a new(to me) house lol. plus id also get a nice insulated and heated coop. so my girls can be happy too haha.

Sue

 

[Mac in Wisco]

Quote:
That depends upon state law. There are a number of Community Property states where, for the most part, what is owned by one spouse is owned by both spouses under state law.

 

[yodercountrygirl]

Pay off our house( which isn't much left) , and the rest on a down payment of a nother house!!!!

 

[Mac in Wisco]

There are a lot of things that could be done with that money.

I'd prioritize it like this:

-get out of debt (to include any car payments)

-don't blow it on new vehicles, if you absolutely need a replacement vehicle, get a good, inexpensive, used one

-set aside an emergency fund of 6 months living expenses for that next job layoff

-contribute to IRA for both spouses

-bump up or fully fund kids' college accounts

-spend on necessary repairs to the house

-spend the rest as you like

 

[debilorrah]

Quote:
My thoughts exactly. If I were inheriting money, then my husband would be inheriting it, too.

That's how it works in our home too. Though when Ken got his settlement "We" got a boat, and "I" got underwear.

 

[agnes_day]

i would just like to know someone that wealthy, who could leave us that much..i would seriously just die if someone handed me that much money!

do you have to pay taxes on it or is it free and clear?

 

[Hillsvale]

Quote:
That's what popped into my head too ....

We just moved into a beautiful country house, built fences, nice coop, ordered our critters ... we budgeted for everything related to the household and vehicles and split it equally. The balance of "my" money stays in my account and "his" in his account.... does it stay there?... no of course not but it gives us a bit of unrestricted cash that isn't part of our families budget not that it doesn't wind up in our shared projects but it just allows a bit of freedom.

I have a side line business which can be very lucrative that pays for some of these projects .... yes technically my money but he spends it well...

(fencing fencing and more fencing hehe) and I will be getting a substantial raise shortly... I mentioned what it would do for my bank account and he commented "great, I will do more fencing and buy more critters etc"

... and that is exectly what will happen! and if I asked him for his last 20.00 I am certain he would give it to me...

That's what partnership is all about.

BTW... I am sure hubby will work a nice coop into your renovation budget, if not make a mistake measuring.... make sure you have enough materials!

 

[DuckLady]

Quote:
That depends upon state law. There are a number of Community Property states where, for the most part, what is owned by one spouse is owned by both spouses under state law.

Right. Once any inheritance is co-mingled in any way it does. But until then in most if not all situations as long as it is kept separate completely (which is hard to do) it is separate property.