pinhead
recently joined
Reged: 10/21/06
Posts: 8
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Wife received an inheritance, she used 1/4 to buy a boat which was put in my name. the remaining inheritance she put in a separate account in just her name.
I'm wondering if the entire inheritance is considered joint asset since part was shared ?
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NancyD
Pooh-Bah
Reged: 06/03/05
Posts: 2105
Loc: New York
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No.
And the word is spelled s-e-p-a-r-a-t-e.
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Donebroke
recently joined
Reged: 10/19/06
Posts: 3
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I'm trying to do an informal agreement that allows us to remain married primarily for tax purposes and other issues. I have a decent inheritence coming in down the road. Can I use the separation/marital agreement and use the marital/non-marital property agreement to protect the future inheritence?
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Buckeye
Carpal \'Tunnel
Reged: 12/08/05
Posts: 7857
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Just divorce or legally separate and get it over with. You are setting yourself up for disaster.
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NancyD
Pooh-Bah
Reged: 06/03/05
Posts: 2105
Loc: New York
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I'm sure it depends on the laws of your state, but most do not consider inheritences joint property if it has not been comingled with joint funds. So, I fail to see your question.
Has the person already died and it just hasn't been distributed, or is this something you are expecting on the death of a relative? If it is the former, then the laws of your state will determine the outcome. If it's the later, all I can say is don't count your chickens...
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pinhead
recently joined
Reged: 10/21/06
Posts: 8
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as the money from the inheritance increases in value, is that increase considered a joint asset ??
assuming that the income taxes on the increase are paid in a jointly filed tax return?
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NancyD
Pooh-Bah
Reged: 06/03/05
Posts: 2105
Loc: New York
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No, as long as the interest stays in the account with the principle it is not considered part of the marital assets. Only you were assigned the tax liability by way of the 1099-INT form. Paying it on your joint return does not change it's status.
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