Results 1 to 2 of 2
  1. #1
    Join Date
    Sep 2016
    Posts
    13,916

    Default 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?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default 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.

    1. Sponsored Links
       

Similar Threads

  1. Property Division: Can You Convert a Marital Home Back Into Separate Property
    By lawfacts in forum Divorce, Annulment and Separation
    Replies: 1
    Last Post: 01-02-2017, 01:39 PM
  2. Division of Assets: Will A Court Treat a Marital Home as Separate Property
    By lawfacts in forum Divorce, Annulment and Separation
    Replies: 1
    Last Post: 10-18-2016, 04:23 PM
  3. Property Division: When Does Separate Property Become Part of the Marital Estate
    By Patent Litigator in forum Divorce, Annulment and Separation
    Replies: 2
    Last Post: 06-11-2014, 05:13 AM
  4. Division of Assets: Is Gifted Money, Used to Buy a Marital Home, Still Separate Property
    By prodivorcee in forum Divorce, Annulment and Separation
    Replies: 4
    Last Post: 07-26-2012, 09:45 AM
  5. Roommates: Are Roommates Responsible for Each Other's Rent If They Have Separate Oral Leases
    By adamgreyster in forum Landlord-Tenant Law
    Replies: 3
    Last Post: 01-27-2011, 08:35 PM
 
 
Sponsored Links

Legal Help, Information and Resources