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#771673 - 04/14/16 03:56 PM Inheritance Question
GoodDad247 Offline

recently joined

Registered: 04/14/16
Posts: 1
So I'm not sure I'm getting a divorce but things aren't great right now and I will be getting an inheritance soon since my father passed away. From what I understand if I take that money and put it in a separate account with just my name on it, it should be safe from her taking any of it. Is this true? Also I received a big chunk of money a few years ago when my other parent died. The plan was to hold in in a separate account in case my dad needed it, but protect it in case he ended up in a nursing home. That account was under both my wife and my name, but separate from all of our other accounts. It was with an investor. We have used a portion of that money to pay off some credit card debit, but it still is sitting there. Would that be marital money rather than separate since it's under both of our names? Any thoughts on ways around that?

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#771674 - 04/14/16 06:48 PM Re: Inheritance Question [Re: GoodDad247]
TJMH Offline

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Registered: 07/17/15
Posts: 339
You should be able to keep the inheritance as your separate property as long as you put it into a separate account and don't use it for marital purposes as you suggest. If you think divorce is a possibility that's probably the way to go, although doing that may prompt a hard conversation with your wife.

The previous inheritance is probably marital property since you put it in a joint account and used it for paying off marital debt. There's probably no way around that, unless maybe you can claim that it's actually still your father's money that you and your wife were administering in his behalf. In that case maybe it's part of your father's estate and becomes part of your inheritance. But I think you'll need a lawyer to advise you if that's an option at this point.

The other issue to consider is that Michigan divides marital property by "equitable distribution" which doesn't necessarily mean split equally (as is done in "community property" states). So for example if your inheritance (your separate property) is large compared to your marital property, a judge may distribute a larger share of the marital property to your wife. Also something to discuss with a lawyer.

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#773604 - 05/26/17 01:41 PM Re: Inheritance Question [Re: GoodDad247]
kathouse1969 Offline
recently joined

Registered: 05/26/17
Posts: 4
You'll need a lawyer for sure! My inheritance came as life insurance when my sister died and inherited investment accounts when my mom died. I never put exhub's name on anything so I was free and clear. Thank God!!

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