I am due to inherit (as a beneficiary on bank accounts and as Trustee of a Family Trust) a large sum of money upon the death of my mother. Naturally, I’m writing because my marriage is looking more and more like a ship off course. My question: Should I inherit the monies mentioned above, keep them in accounts only in my name (perhaps my children’s names as well), and keep a paper-trail showing the money was inherited? Will it be safe should a divorce ensue – even several years from the date of inheritance?
You have the exact right idea! As long as you keep all of the inheritance, including all assets, stocks, money, etc. inherited in separate accounts, not co-mingled with your marital assets, and keep them in your name, those assets will remain separate property, not marital property. They will not be subject to division upon divorce in the State of New York.
If you do decide to divorce, I strongly suggest you mediate such a divorce; if you are in the New York City metropolitan area, please call me at 212-370-1660 to discuss the matter in more detail.
Leonard M. Weiner, Esq./Divorce Solutions