Chapter 6 - The joint account
Our brokerage account had been opened two years after marriage.
Initial balance:
$400,000.
I contributed:
$250,000.
Wesley:
$150,000.
Over four years, more money entered.
Salary savings.
Investment gains.
Two large Renaldi distributions I voluntarily moved in.
Then three deposits I did not remember approving.
$180,000.
$240,000.
$325,000.
All originated from my personal checking account.
Had Wesley hacked anything?
No.
We had both signed a limited household treasury authorization with our wealth manager.
Purpose:
Pay taxes.
Move funds among already-linked household accounts.
Execute standing investment instructions.
Could he move funds from my personal account under that authority?
Only within specified limits and purposes.
The authorization allowed transfers for:
Estimated taxes.
Mortgage.
Insurance.
Agreed household investment allocations.
Not open-ended funding of his company.
Then transfer memos.
One said:
Quarterly tax reserve consolidation.
Except the money was later sent from joint brokerage to Kane Urban Development.
Another:
Household liquidity rebalance.
Then:
Kane Urban capital contribution.
I had approved none of those company transfers.
Who did?
Wesley.
As joint account holder.
Once money reached the joint account, his transaction authority was real.
May you like
The questionable step happened before.
Moving my separate cash into the joint pool under misleading descriptions.
