Inheritance
If a husband or wife receives a cash inheritance do the funds become part of the community property if file for divorce? This is NY State.
Asked on 1/08/07, 1:26 pm
2 Answers from Attorneys
Debra Palazzo
Law Offices of Debra Palazzo, LLC
Re: Inheritance
NY is not a community property state.
An inheritance is separate property as long as it is kept separate and out of other spouse's name/jt accounts.
Answered on 1/08/07, 10:33 pm
Bunji Fromartz
Fromartz Law Offices
Inheritances remain seperate property IF
it is not mixed with marital funds. If the inheritance is cash and get deposited in a joint account it becomes a marital asset. Property does not become joint unless ownership changes, though an argument can be made that part of the increase in value since receipt of the property is due to the non-inheriting spouse's help.
Answered on 1/08/07, 2:52 pm
