One question that a lot of individuals have when it comes to getting a divorce is what they will be allowed to keep. The majority of your assets will be subject to the equitable distribution process, meaning that they will be divided fairly amongst the two spouses in a divorce. One of the types of assets that people may be unsure of is whether inheritance or other gifts are subject to division between the spouses.
There are a lot of different situations that can occur and what it really comes down to is who the gift was given to. Here are a few possible situations:
- One spouse’s parent gave a gift to both spouses as a wedding present. Who gets to keep it? A gift given to both spouses will be subject to equitable distribution.
- One spouse only was given a gift by their parent or someone other than their spouse. In this case, it is not subject to equitable distribution.
- One spouse inherited a sum of money and then put it into a joint account where both spouses have commingled money. Due to the fact that it was combined into an account with money from both spouses, it will be subject to equitable distribution.
- One spouse inherited money and kept it in his or her own account that the other spouse did not have access to or funds in. The spouse who owns the account will get to keep the inheritance because it is considered separate property.
If you have questions about a gift or inheritance in your particular situation, contact our firm today for assistance.
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. If you require strong and dedicated legal representation in Long Island, New York, contact Peter V. Mandi & Associates, Inc. today for a free consultation.