When your deceased loved one left an inheritance behind for you, it may feel like a very personal gift. No matter what it is or how much it is worth, it may have great sentimental value to you. So with that, you may feel like it is wrong, and frankly, against your loved one’s wishes, to share this inheritance with your spouse. This is especially likely to be the case if, soon, you are serving your spouse with divorce papers. If this is the scenario you find yourself in, please read on to discover how your inheritance may get treated by the family court, and how a seasoned Bergen County equitable distribution attorney at McNerney & McAuliffe can fight on your behalf to protect it at all costs.
How is an inheritance treated in a New Jersey divorce?
Under New Jersey’s family laws, property acquired by one spouse through an inheritance is generally considered non-marital property. This may apply regardless of whether it was received before or during the marriage. With that, the state’s equitable distribution system distinguishes between non-marital and marital property. Only the latter may be considered by the family court when conducting property division proceedings in a divorce case. Simply put, it is rather likely that your inheritance will not be split between you and your divorce, and its entirety may remain in your possession.
What actions might turn my inheritance into marital property?
Of course, there are exceptions to the general guidelines offered above. Unfortunately, you may find that, in a desperate attempt to take a portion of your inheritance, your spouse may argue to the New Jersey family court that it was utilized as marital money. Specifically, they may present evidence that the funds were deposited into a joint bank account. Over time, it may be difficult to distinguish your inheritance if the account was actively used or if it was mixed with your recurrent income deposits. Or, they may have financial documents that show how this inheritance was used for purchases that you both equally benefited from. For example, if you used it for renovations to your current home or the down payment for a new house.
Lastly, if the inheritance was a real estate property rather than money, your spouse may submit the title in which both your names are listed. Even if only your name appears on this document, they may still cite that you used the property as your marital home, you made equal contributions to its maintenance, etc. All of this is to say that if you commingle your inheritance with your other marital property, lines may be blurred, and you may be unable to walk away with all of it post-divorce. To conclude, if you are ready to step foot into this legal path, do not do so until you have retained a competent Bergen County family law attorney from McNerney & McAuliffe. We look forward to your phone call and to taking on your case.