Life insurance proceeds


#1

My spouse and I are in the process of divorce. We were married 17 years. About 10 years ago my spouse inherited life insurance proceeds from his father in the amount of about $60,000. We spent all of the money on various things such as vacations, furniture, and downpayment on home. Now that we are divorcing will I have to give him half of the $60,000 that we spent from my share of the assets?

Thanks


#2

No, you will not. The money was spent during the course of the marriage. If there was any money left, he would be entitled to the full remaining amount without it being accounted for in equitable distribution. However, since this inheritance was his separate property which he gifted to the marriage, then he cannot try to get it back from you now.