I inherited money from my parents during our marriage. Do I need to share that with my soon-to-be ex?

Be wary of what you do with funds received via inheritance, as placing them in a joint account may cause them to be viewed as a shared asset in divorce.

By Melissa J. Cooney
January 18, 2012
IL FAQ/Asset/Property Issues

Not if the inherited money was placed in an account only in your name, or if you, alone, used the funds to purchase an asset titled solely in your name. If you commingled the inherited funds by placing them in a joint account, the presumption is that you meant the funds to be a gift to the marital estate. While the presumption is rebuttable, it is always best to keep the funds in your own name in a separate account so as not to allow your spouse to successfully argue that the funds are marital.

Melissa J. Cooney, is an attorney at Zukowski, Rogers, Flood & McArdle where she practices primarily in the areas of estate planning and family law. Melissa has been presented with the Distinguished Service Award from the McHenry County Bar Association for her recognition of dedicated service and contributions to the citizens of McHenry County.

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January 18, 2012
Categories:  FAQs

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