FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
I received monies from my mother's life insurance policy a couple of months ago. The money has been sitting in a total control account solely in my name. Me and my husband are about to file for divorce. I have read that he is not entitled to any of my inheritance as long as the account is separate, but is money received from a life insurance policy considered inheritance?
In New York, The proceeds of a life insurance policy as well as money received as a gift, bequeath, or inheritance, should be considered separate property if they are kept in a separate account and not commingled with marital assets. I imagine the law in Texas is the same, but check the law in Texas with an attorney to be sure.
Leonard Weiner, Esq./Divorce Solutions