I believe your situation is ripe for mediation. You should engage in an experienced attorney-mediator who can draw up the Separation Agreement which should provide for retaining the home as “tenants in common” instead of “as husband and wife” but which will allow your wife and children to remain in the home, and for you to continue your ownership interest in it. Provision should be made in the Separation Agreement for the children to be the beneficiaries of you Will and to receive your interest in the home in the event that you die prior to their maturity.
The Separation Agreement should also provide that each may live separate and apart and conduct his/her life as if they were unmarried.
With regard to the question of inheritance, inheritances are not considered “marital property” if they are kept separate and apart from the other marital property and maintained in the beneficiaries name only.
I would be happy to discuss with you both the drafting of the Separation Agreement, and to that end please give me a call at 212-370-1660.
Leonard M. Weiner, Esq./Divorce Solutions