Legal Question in Family Law in New York

Maintaining Separateness of Inherited Property

I live in NYC. I just inherited a small amount and would like to keep it separately in an account with only my name on it for my retirement. I intend to let that money grow over time as a retirement nest egg and will not use any of the money from that account for our mortgage payments nor for home improvements nor put any of it into our joint checking for any reason. There was a small amount in this account (from my earnings) previously and I simply want to add all my inheritance amount into it and let it grow/invest it. My husband agrees that is fair because I am younger than him, earn less and it could grow in time to help provide for my retirement. We file our taxes jointly and want to be sure that doing so won't somehow make my separate asset be considered ''co-mingled.'' Can married couples file jointly without jeapordizing the separateness of inherited property??


Asked on 8/05/08, 3:41 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Maintaining Separateness of Inherited Property

Based on your description the money is received as a gift, is not commingled, and is deemed separate property under NY Domestic Relations Law. However, income from the separate property may be deemed marital. The best way to handle this matter - if both spouses agree- is a post nuptial agreement stating that should there be a divorce, income from the inherited property will not be deemed marital.

Mike.

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Answered on 8/05/08, 3:50 pm


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