Carton & Rosoff PC-Attorney at Law
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Large inheritances can be kept separate in divorces

Throughout people's lives in New York they acquire various assets. Many of these assets come from what they earn through their incomes. So, the more people earn often times it means they will have more assets. These assets are more than just physical items they purchase or real property they buy. Assets also include bank accounts, investment accounts, retirement accounts, businesses and other types of assets.

If the person who acquires these assets is married, then they share these assets with their spouse. This means that they must split the assets if they ever divorce. Almost anything acquired during a marriage is considered marital property and each spouse has an equal claim to it regardless of who earned the money or bought the assets. However, there are certain assets that people may acquire during a marriage that will remain separate property despite the fact that it was obtained during it.

One of these assets is an inheritance. If only one spouse receives an inheritance from a family member that is considered separate property. Some of these inheritances can be very large as well and provide people with significant assets. However, these inheritances can become marital property depending on how they use it. If the person who received it comingles the inheritance with marital assets, the inheritance can become marital. So, if the person puts the inheritance into a joint investment account or uses it to purchase things that both spouses will use equally, it can become marital and be eligible to divide in a divorce.

Many people in New York go through divorces each year. There are many different aspects of a divorce, but one that most people go through is asset division. This can be a complicated process especially in high asset divorces. One of the complications is determining what property is marital and what property is non-marital. This is an important process because sometimes it can drastically change how much each spouse will receive in the divorce. Experienced attorneys understand these matters and may be a useful resource.

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Carton & Rosoff PC
150 Grand Street, Suite 305
White Plains, NY 10601

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