Dividing property can be a complicated affair for individuals who are getting divorced. Because laws often differ from state to state, it is important that individuals understand how their cases may be handled. In New York, equitable distribution is utilized for asset division, which means that courts are focused on dividing property as fairly as they see fit.
It was recently reported that one woman in another state was concerned about the division of her husband's inheritance if she goes through with divorce proceedings. She reported that her husband had been having an affair and that she fully intended to seek a divorce. However, her husband recently inherited $3 million from his deceased father's estate.
During the divorce proceedings, this inheritance will likely be addressed. However, because equitable division will be utilized and the man is inheriting the money directly, the inheritance will likely be considered separate property. Therefore, it is likely that the man will be able to retain those funds should a divorce take place. If the money is commingled with other marital funds before the marriage ends, there is a chance it could be up for division.
Though equitable distribution works to give each party a fair share, that fact does not necessarily mean that the split will be equally. Therefore, New York residents who are facing concerns about their own asset division proceedings may wish to become more knowledgeable on the process. Experienced attorneys may also be able to assist interested individuals in determining what their cut of the property could be and how to work toward obtaining the assets they desire.
Source: marketwatch.com, "My cheating husband just inherited $3 million from his father's estate -- should I still divorce him?", Quentin Fottrell, Oct. 19, 2016