More details to this question:
My wife and I have decided to get a divorce and we have a joint bank account . My mother passed away and left her insurance polices to me in my name. Upon declaring that we were getting divorced I transferred what I saw fit the amount of money . Was this the right move. Even though I have done so I am still willing to depart with a decent percentage of the funds
1 ANSWER
Civil Rights Law Attorney serving Rockville Centre, NY
Partner at
Lori Nevias, Attorney at Law
1 Award
Marital assets are subject to equitable distribution in a divorce, 50-50 under New York law. However, an inheritance such as the payout you received from your mother's insurance policy is not a marital asset- it is considered separate property. Therefore you are entitled to keep the full inheritance, with no need to split it and no set-off against other assets. You would be within your rights to take the full value of your inheritance and deposit it into a separate account.
Answered on Dec 13th, 2017 at 12:51 PM