If I Receive An Inheritance Is It A Marital Asset? Video

Hello, My name is David Badanes, thank you for joining me. I concentrate in Matrimonial and Family Law with offices in Northport and Garden City. Today, I am going to answer the following question: If I receive an inheritance, is that a marital asset?

An inheritance is not a marital asset and therefore is your separate property that belongs to you. However, in order to keep the inheritance as your separate property, you have to do 2 things:

1. At the time of the inheritance, you need to document what the inheritance is. If the inheritance is money, then you should have something in writing that says it is an inheritance. If the inheritance is property, then you need some type of written evidence of the property and that it was an inheritance.

2. If the inheritance is money, then you need to put the money in a separate bank account and not a joint account. If the inheritance is property, then you need to make sure that you keep the ownership of the property in your name only.

If you have further questions, please call (631) 430-4445, I am happy to help you.

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