When couples in New York State get divorced, many people are concerned about what will happen to their assets. One of the primary concerns that they have when it comes to dividing assets is what will happen to their inheritances that were received. Of course, this is a completely valid concern because inheritances can be large sums of money or entire properties, among other valuable and sentimental things.
Marital property is divided in a process known as equitable distribution. Any separate property will be excluded from the equitable distribution process. However, many people aren’t sure whether the inheritance they received is considered separate property or marital property. If an individual makes the decision to keep their inheritance in a separate bank account that is in their name only, it will be excluded from the marital funds and therefore, the inheritance will not be divided in the equitable distribution process. However, if the individual puts that money into an account that is shared and comprised of other funds by both spouses, the inheritance funds may be subject to division in the equitable distribution process. It is important that individuals take steps to protect the assets they inherit during the course of their marriage. If you have questions about how your assets may be divided in a divorce, contact an experienced divorce and family law attorney today.
Robert Pollack is an experienced divorce and family law attorney in Long Island, New York. Contact The Pollack Law Firm, P.C., to set up a free initial consultation.