ExpertLaw.com Forums

Will Gifts of Oil and Gas Leases be Separate or Marital Property

Printable View

  • 01-26-2017, 02:03 AM
    lawfacts
    Will Gifts of Oil and Gas Leases be Separate or Marital Property
    A woman in Texas received as a gift from her father a number of oil and gas leases, placed into her name. She was married at the time and remains married. She and her husband have used the income from the leases to support the marital estate. If she were to sell the leases, would the money received from the sale be separate property or marital property?
  • 01-26-2017, 08:43 AM
    Mr. Knowitall
    Re: Will Gifts of Oil and Gas Leases be Separate or Marital Property
    On those facts, the proceeds of the sale would be the wife's separate property. The manner in which she and her husband used income from the leases would not change their underlying character as a gift to only her, held in only her name.

    It is possible that her subsequent treatment of the proceeds of a sale would cause a court to treat the proceeds as part of the marital estate -- for example, if she placed the money in a joint account held with her husband, as opposed to holding it in an account that is only in her own name. If she wants to maintain the money as a separate asset she should consider speaking with an estate planning lawyer.
All times are GMT -7. The time now is 02:20 PM.
Powered by vBulletin® Version 4.2.4
Copyright © 2023 vBulletin Solutions, Inc. All rights reserved.
Copyright © 2004 - 2018 ExpertLaw.com, All Rights Reserved