QUESTION
Would taking a portion (13%) and pay off a credit card and take a family vacation put the rest of the inheritance at risk?
Asked on May 12th, 2014 on Divorce - Missouri
More details to this question:
I live in the state of Missouri. I will be inheriting a nice size sum from my parents I would like to keep this separate property since my marriage has been rocky for the past couple of years. I will keep it in accounts only in my name and not add marital funds to it.
2 ANSWERS
Litigation Attorney serving St. Louis, MO
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Probate Law Center Richard J. Keyes, PC
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In Missouri, as long as you keep the funds in a separate account and not in an account in joint names with your spouse, this would not be taking a risk, even if you use the funds to pay joint debts and going on a family vacation.
Answered on May 15th, 2014 at 7:33 PM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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Generally speaking, property that you inherit is considered "separatea" and not "marital." Keeping it in a separate account is a good idea and keeping any documentation from the probate court or from the trustee of a trust would also help in your particular situation.
Answered on May 15th, 2014 at 7:32 PM