I have money in a Money Market account that I inherited back in 1998. I’ve added money to it in the last few years. It has always been in my name only. Will I Have to split the money with my spouse? Would I have to split the amount I deposited the last few years? I’m concerned about how that works. I have never used any of the money for marital funds/use. Thanks.
An inheritance that is acquired during the marriage or before the date of marriage is that spouse’s separate property. It sounds like the money market is your separate property. If you only added funds vs. depositing and withdrawing over the years, then it should be easily traceable as to what portion is your inheritance and what portion is what you added during the marriage (absent any calculations of passive gains or losses).
Since the funds you’ve deposited during the marriage are marital funds (earned during the marriage), then those funds and any passive gains on those funds only is marital property, and that would be the marital value of the account and the amount subject to being divided 50/50. The portion attributable to your inheritance would remain your separate property as long as each source of funds (inheritance or marital funds) is traceable.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
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