Inheritance - marital property?
Uh, oh. That rich uncle is about to die and leave you a huge pile of cash. Should you divorce in a big hurry to make sure your spouse doesn't get any of the inheritance?
Nah, as a general rule in Florida, inheritance is considered nonmarital property, so that money remains all yours, and none of it goes to your spouse.
10 Comments:
Does that apply in NJ?
only if the property stays separate (and you pay any taxes due from the separate inheritance
Good point by "anonymous." Though I don't know how it works in New Jersey, I should add that, in Florida, if you want the property to remain yours, and not property to be split by you and your spouse at the divorce, make sure that you keep the inheritance in your name only. That is, keep it in a separate account that doesn't have your spouse's name on it. Don't, for instance, put all the money into your marital home or use it to buy stocks owned by both of you. Keep it entirely separate from your spouse, making it clear that you in no way intend for your spouse to share in any part of it.
What about if you inherit money a year after the divorce date? Will that lower the amount I receive in alimony?
He, too, will receive an inheritence when his mother dies and his is a bit more than what I got.
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Probably. Alimony is based, in part, on need. Thge argument goes, "I need this money to live in the same lifestyle as as I did when we were married." If an inheritance is received, the need is lessened, so the alimony could be lessened as well.
What if the wife inherits a piece of commerical property that is generating rental income, is that income non-marital? I would think that the ownership of the property remains with the wife, but since the rental income is of course income generated during the marriage that it should be shared, correct or am I wrong...
This is one of those questions that proves that law is an art and not a science. Appellate courts in Florida haven't answered that specific question, so, as I often do, I have to give you my best guess.
I think the issue will turn on two questions:
1) Is the income from the property "generated by the active participation and involvement of both parties"? (I'm quoting an appellate court here.)
2) Is the income being deposited into a joint account being used to pay marital expenses?
If the answer to both questions is yes, I'm almost certain the income would be considered marital property. If the answer to one of the questions is yes, I still feel pretty confident that a judge would find the income to be marital property. If the answer to both questions is no, I doubt that a judge would find the income to be marital.
Best I can do.
My parents bought a house in 1977. some how the tax accessors office listed it only in his name. He passed away in 1981. Since that time my mother was unable to get the deed. she just got the deed this year. the inheritance office is claiming the house was inherited and therefore subject to taxes. she sent her marriage certificate, his death certificate and tax information from the house. they will not acknowledge the house as marital property, even though it was bought while they were married and paid for by both of their incomes. what can i do to get them off her back?
I don't know. It's not a family law question. You need a tax lawyer or a real estate lawyer.
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