In many situations, couples who are going through a divorce are not sure about exactly which belongings they may keep and which are subject to the equitable distribution process. This question will often come up if one of the spouses recently inherited a significant amount of money. The only property that is divided in the equitable distribution process is marital property. Any property that was acquired prior to the marriage or was kept separate during the marriage is considered marital property. That being said, if the inheritance was put into a marital account with other marital funds, it may be subject to equitable distribution. When one of the spouses decides to include the inheritance with other marital assets, it is referred to as commingling.
However, it is important to note that if the inheritance is kept in a separate bank account, the spouse who actually inherited the funds may be able to keep in for themselves in the divorce. Of course, this is generally the case when it comes to inheriting funds. There are a lot of different forms of property that someone can inherit so it is important to consult with an experienced divorce attorney if inheritance includes physical property such as real estate. If you have questions about inheritance and divorce, contact us today.
The Law Office of Peter L. Jameson, PLLC is an experienced divorce and family law firm located in New City, NY. Contact our firm today to discuss your legal matter and get the quality legal representation you deserve.