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.