Re: Clarification on inheritance needed


#1

I would think it is since it is both of your names…if it was in yours alone than she could not touch it.

No one wins in divorce only the Lawyers do!


#2

Seems you knew it was her inherentance from her mom regardless of how it is being distributed and the foggy legal issues. Emotionally I would think doing the right thing is always better.


#3

Dear Don:

Tricky tricky. I think you could argue either way (and for settlement purposes I would argue it), but in the end it appears separate. The only question is “what does this partnership do?” If you have an active role in it, that would change my assessment. Thanks

Janet L. Fritts
Attorney at Law
4101 Lake Boone Trail, Suite 200
Raleigh, North Carolina 27607
NCDivorce.com
919-787-6668

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#4

I’ll try to provide all relavent facts here without going into too much uneccessary detail. My wife’s mother developed Alzheimer’s and was placed in a NYC nursing home. The family sold her house and removed all other assets from her name prior to placing her there. This amounted to about one million dollars. Her mother received some federal assistance while in the nursing home.
Those assets were placed in a passive partnership among the heirs and spouses. Each couple received an equal split. My wife and I had about three hundred thousand dollars interest and received a draw each year equal to that year’s profits on the amount. Our part of the partnership therefore amounted to 1/4 of the total assets divided in half between the two of us. The annual draw checks were issued to us in both our names. By the way, one of the spouses acted as “manager” of the partnership and never charged the family for the service.

Is this considered a true inheritance? I understand that I would not be entitled to a direct inheritance of cash. Wouldn’t this be considered marital property however, since it is in both our names? One final consideration - the family reduced my portion to a very small percentage over time. Now the wife claims I have no legal right to consider this in the divorce. Was it legal for them to do this?