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Jun 07
2007
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Ask a Lawyer: Marital GiftsPosted by: Dads Divorce on Jun 7, 2007   |
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Question:
My spouse's father gifts his daughter and other children stock from his company numerous times during the marriage. This gift is documented by his tax accountant. During the duration of a 23 year marriage the couple files joint tax returns paying income tax on money received from the stock. The father relinquishes all of his remaining stock to his family. After a period of a few years the company which is now completely owned by the family members switches the company to an S-Corporation. Does this change in status possible change the status of the gifts? Does it possibly make it marital property instead of seperate property.
Answer:
Allow me to preface my answer with the statement that I am not licensed to practice in Ohio. I am unaware of any law that would alter these gift transfers based upon what type of property is gifted.
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