Going through a divorce can be an incredibly difficult process, as you’ll need to consider several factors, like how you will split custody, how you plan on dividing your assets, and if you plan on seeking alimony. However, one of the most important things you’ll need to consider during this process is what can happen to your inheritance. As such, if you are unsure how this process works, you’ll want to keep reading to learn more about these matters and the importance of working with an experienced Long Island property division lawyer to guide you through these difficult times.
Is an Inheritance Considered Marital Property in New York?
When you and your spouse file for divorce, it’s important to understand what assets will be divided during this process. Typically, only marital property is subject to division during a divorce. This is anything obtained by either spouse during the marriage, regardless of whose name is on the title. However, there are exceptions to this rule, as the courts often deem gifts or inheritances given solely to one spouse to be separate property. You should note, however, that there are certain circumstances in which these assets can be deemed marital property.
When you combine assets, meaning you combine marital and separate assets, it can turn your separate property into marital property. As such, if you deposit your inheritance into a joint bank account, it will be subject to division during a divorce, as it can be incredibly difficult to prove that the assets are separate during the divorce process.
How Can I Protect My Inheritance During This Process?
One of the most important things you can do to protect your inheritance during a divorce is to ensure you keep these assets separate from other marital property. If you receive an inheritance, it’s important to set up a separate account to house the funds to ensure they are not mingled with marital assets.
Another potential tool you can establish to protect yourself is to establish a pre- or post-nuptial agreement. While you may be unable to do this while your divorce is ongoing, if you have established one before your marriage or during your marriage after you received your inheritance, this can help ensure that the inheritance is deemed separate property and therefore protected from division during your divorce.
Finally, you may find that creating a trust fund can help keep this asset separate from other marital property while also establishing a way to provide for your beneficiaries before and after your passing.
As you can see, navigating a divorce can be incredibly difficult. That is why it’s imperative to connect with an experienced attorney with the Law Offices of Jay D. Raxenberg to explore your legal options. Our firm understands how overwhelming these circumstances can be, which is why our team is committed to helping you fight for the best possible outcome for your unique situation. Contact us today to learn how we can assist you.
