Opinion ID: 2364278
Heading Depth: 2
Heading Rank: 7

Heading: Application of Long

Text: [¶ 30] Applying the Long presumption of marital property to the disputed account in this case, the shares of stock in the account are marital because they are in an account held in the joint names of the parties, unless Deborah proved by clear and convincing evidence that she did not intend to transfer the property to joint ownership. [5] Our standard of review when the burden of proof is clear and convincing evidence is whether the fact-finder reasonably could have been persuaded that the required findings were proved to be highly probable. In re Serena C., 650 A.2d 1343, 1344 (Me.1994). [¶ 31] The undisputed evidence is that Deborah placed the shares of stock from her mother's trust into the joint account. The shares remained in the account for more than a brief period of time. [¶ 32] Deborah testified that she placed the stock in the joint account because she did not want it to go into limbo if she died. Her reason evidences her intentional decision to place the stock in joint ownership. As in Weeks and Lalime, Deborah's statement only gives her reason for placing the stocks in joint ownership and is not a denial of her action. Weeks, 650 A.2d at 947; Lalime, 629 A.2d at 61. [¶ 33] Our standard of review requires us to determine from these facts whether the trial court reasonably could have been persuaded that Deborah proved that it was highly probable that she did not intend to transfer the stock to joint ownership. We conclude that there is no evidence from which the court could have concluded it was highly probable that she did not intend to place the stocks in joint ownership. [¶ 34] In summary, Deborah overcame the statutory presumption that the brokerage account was marital. Although the stock in the account was acquired during the marriage, see 19-A M.R.S.A. § 953(2), she proved that it was a gift to her solely, see 19-A M.R.S.A. § 953(2)(A). However, she placed the stock into a joint account, and it remained in a joint account for more than a brief duration. Therefore, a presumption arose that the stock was marital property. Deborah failed to prove by clear and convincing evidence that she did not intend to place the stock in joint ownership and, therefore, failed to rebut the presumption. Because we are vacating the court's determination that the brokerage account was Deborah's separate property, which was the only substantial item of nonmarital property, on remand, the District Court will have to determine anew the equitable distribution of the marital estate. The entry is: Judgment vacated. Case remanded to the District Court for further proceedings consistent with this opinion.