Wednesday, September 11, 2013
Inheritance
Week Five: Inheritance
Inheritances received by one party are not shareable with the other party if the gift was intended for that party alone. In addition, the inheritance must be kept separate and not converted to a family asset otherwise the value is shareable. If an inheritance is used to pay for a family vehicle, deposited into a joint bank account, used for a family trip or used as a down payment on a jointly owned home these funds are no longer exempt from sharing - in other words, they are part of the assets to be shared with the other spouse. If an inheritance is kept in a separate bank account (in the recipients own name) these funds would remain the separate property of the recipient of the inheritance (in other words, you do not have to share the value with the other spouse).
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