henhen said:
florida
are money gifts that are given to one spouse upon the death of their relative considered a marital asset or just the spouses?
My response:
Money and property, both Real Estate and Personal Property, are always "separate property" to the receiving spouse.
The problem comes into play when a receiving spouse starts to "commingle" those funds with marital money, or starts buying "things for the house" - - such as a new car, a new refrigerator, an addition to the house, etc.
Then the question becomes, "Was it the intent to make a gift of all or part of the money to the marital estate?" And, "was it the intent to make a gift to the marital estate by buying that new car, a new refrigerator, an addition to the house, etc.?" Therefore, for every purchase you make with the money; i.e., if you buy a car for example, in order to keep that purchase separate property, you'd need to have a signed and notarized note from your spouse that your spouse understands and agrees that such purchases are, and remain, separate property. Without such a note, the purchase of the car could very well be deemed to be a "gift to the marriage", subject to division later on.
Also be aware, however, that any investment you make with money, and that "appreciates" in value - - such as buying stocks, bonds, or interest from a bank account - - that such "appreciation" itself (not the original investment) could become divisible upon divorce. For example, you take your $40,000.00 inheritance, and you buy 1000 share of Microsoft Stock, at $40.00 per share. If the stock value goes up to $75,000.00, you have an "appreciated" value of $35,000.00. The $35,000.00 may become a divisible asset of the marriage upon divorce.
See an attorney or an investment counselor for ideas that would help you keep an inheritance separate property, if that's your intent.
IAAL
