If you inherite money while your married does your spouse get half if you divorce? If yes how can you prevent this from happening? The person leaving the money hasn't died yet.
2007-11-06 06:51:53 · 15 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce
Look everyone. Before you judge. I'm asking for someone else. I love my husband and we will be married forever. However I have a family member who is going to inherite millions from her father but doesn't want to get a divorce until her children are out of school. I said I would research it for her. Thank you to those of you who gave good advice without judgement.
2007-11-06 07:04:53 · update #1
Depends on the state you are in. The majority of the states hold that inheritances are not subject to division upon divorce, I belive NY is one of them. Some states do not allow inheritances to be divided, for example CT. CT is special because it takes fault into account when dividing assets. Also, once the assets are divided, the decision is final and the ex-spouse can no longer claim that he/she has a right to an inheritance that has been received (if the inheritance is received after they have divorced).
It should also be taken into account that if the person who is to pay alimony is the one that is going to receive the the inheritance, once the inheritance is received, the other spouse can request an increase in alimony (if he or she can show need). Alimony is something that can decrease or increase overtime based on the lenght of the marriage, the earning capacity and need of the parties and whether there are children.
If the inheritance-receiving individual cannot afford to pay alimony right now, the other spouse can request that he/she be awarded $1 alimony. Alimony can be changed at a later date. Thus, this person is saving their claim for alimony. If a person does not request alimony at the time of divorce, he or she cannot request it later. THe decision was final and not subject to change.
Like other users said, what you do once you receive the money matters. Do not put it in a joint account. You want to prevent the inheritance from becoming marital property.
There are also some arguments in the law arena regarding reliance. Say that a couple, knowing and expecting that they were going to receive an inheritance from the family of one spouse, never saved a dime in their life. THe argument would go that the ex-spouse relied on that money and thus it should be subject to division. This is a very weak argument, but like I said, depends on the state.
Finally, you can do a post-nuptial agreement. If this couple knows they are going to get divorce, he or she my try to talk to the spouse, if that person is reasonable, to see if the can reach an understanding. He or she can sign away any claim to that money or part of it. This would be enforced just like a prenup.
I suggest that the person divorce now to avoid any problems; they are unhappy anyways and it is not health for the children to grow in a household like this.
And, it is spelled inherit, without the e at the end.
2007-11-06 07:56:18 · answer #1 · answered by the_goddess_to_be 2 · 0⤊ 0⤋
Yes
No
Maybe
It all depends on how the money is held AFTER the award. Inheritance, gifts, beqests and insurance proceeds are all separate property.
The mistake most people make is that they "CONVERT" that separate asset into marital by depositing it into a joint account.
To keep separate assets separate, you need to either keep it in its original form or open a separate account and deposit the monies there...
Also, do NOT use the money for any jointly held reason such as remodling the home or purchasing items for the marriage. If you wish to use SOME of the money for marital benefit, deposit ONLY that amount into the joint account.
EDITED FOR OTHER CALLOUS RESPONSES:
I would rather someone plan ahead than lose an inheritance due to lack of factual information. I've seen it happen far too often.
2007-11-06 06:57:16 · answer #2 · answered by hexeliebe 6 · 2⤊ 1⤋
Your spouse has rights to inheritance, if you are still married at the time-the inheritance will become joint marital property when transferred to you-unless you inherit real estate-women have separate property rights in most states. Open a bank account in your own name, have the check made out only in your name, and when you receive your inheritance, hide it. Hope that your spouse's lawyer doesn't file discovery for the assets. In fact, open a safety deposit box to put the money in, and keep the key secret. If divorce papers are filed, take the money out of the box and stash it like buried treasure.....
No wonder you are worried about a divorce.....
2007-11-06 07:02:03 · answer #3 · answered by Daisy 3 · 1⤊ 1⤋
No, the inheritance remains yours. However, once you spend that money on something it becomes half of theirs. If you inherit property or things they remain yours as long as you claim them in a divorce.
But your best bet would be to talk to an attorney. But why would you? Are you going through a divorce?
2007-11-06 06:59:19 · answer #4 · answered by Dave G 3 · 1⤊ 1⤋
lol just leave it the way it is life has a funny way of working things out for its own ends for all you know the person you are married to will croak then the inheritance will be eaten up in fees and you may get stuck paying fo rthe damned funeral lol but i wouldnt le tit bother you the will can be changed up until the day of death so dont get set on it yet
2007-11-06 07:05:30 · answer #5 · answered by the_orc_1 4 · 0⤊ 1⤋
Divorce now before they die.
Wait a second, are you using your spouse until you have money of your own and then you are planning to dump them?
Now that is heartless. Way to go! You are probably the most vile person I've meet in a long time.
2007-11-06 07:01:03 · answer #6 · answered by snack_daddy10 6 · 0⤊ 2⤋
Now there is a positive attitude. You married, give your spouse half. Or, contract a lawyer to draw up a divorce agreement.
2007-11-06 06:58:58 · answer #7 · answered by Anonymous · 0⤊ 2⤋
she can instatute a pre nup right now... Other wis4e 1/2 goes to hubby on divorce... She could give it to you for safe keeping!!!
2007-11-06 10:21:08 · answer #8 · answered by Anonymous · 0⤊ 1⤋
You have to set it up in a trust. Talk with a financial adviser and attorney.
2007-11-06 06:57:45 · answer #9 · answered by Opps 5 · 0⤊ 1⤋
"The person leaving the money hasn't died yet."
Geez, talk about putting the horse before the apple cart!
2007-11-06 06:54:59 · answer #10 · answered by Anonymous · 3⤊ 3⤋