Can I Keep My Inheritance During a NY Divorce?

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When a couple decides to divorce, the division of marital property is a significant issue that must be addressed and settled. Determining who should own what piece of property can be incredibly difficult as each party’s future financial security is at stake. You may be concerned about whether your spouse is entitled to your separate property, such as your inheritance. As such, it’s important to understand how New York handles property distribution during a divorce. Please continue reading to learn if your inheritance is subject to division and why connecting with a trusted Suffolk County Marital Property Attorney is in your best interest.

How Does New York Divide Property?

Firstly, it’s important to understand the difference between marital and separate property. Marital or joint property is any assets accumulated during the marriage. Separate property, however, is any assets owned before the union and not agreed to become marital property. With that in mind, New York is an equitable distribution state. This means that marital assets and debts are divided fairly, but not necessarily equally. Essentially, the court will consider various factors to determine a division that is fair to both parties, given each party’s financial and domestic contributions to the marriage. It’s important to note that separate property is generally not subject to division. This includes properties such as passive income, gifts, and inheritances.

Is My Spouse Entitled to My Inheritance?

If you are wondering what will happen to your inheritance during a divorce, it’s important to consider when the asset was acquired. If you received the inheritance before the union, you will likely be entitled to keep it following your divorce. If you obtained the inheritance during your marriage, you still may be able to keep it if it was gifted to you in your name only as it will be considered separate property.

However, if at any point you fail to keep those assets entirely separate from your other martial property, it could be subject to division. This is because when separate and marital assets are mixed throughout a marriage, they are considered co-mingled. For instance, if you and your spouse have a joint bank account and you place funds you received in your inheritance into the account, these assets will be considered co-mingled. If you want to prevent your spouse from being entitled to a portion of your inheritance, you must avoid commingling these funds.

At The Law Offices of Susan A. Kassel, P.C., we are prepared to help you fight for your rightful share of marital property. Connect with our dedicated legal team today to learn how we can help safeguard your rights.

 

 

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What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

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The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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