I inherited money from my parents, do I need to share it

Generally not if you have kept the inheritance in a separate account solely in your name and have not added marital funds to it, because such property is considered to be separate property and therefore, not subject to equitable distribution upon the dissolution of the marriage. Equitable Distribution (also, commonly referred to as “ED”) is a method for distributing property acquired and owned by either spouse upon divorce or annulment. New York is an equitable distribution state and the controlling statute is Domestic Relations Law Section 236 (B).

Equitable distribution is usually a three step process. First, the assets need to be identified. Second, each asset must be classified as either separate or marital, and third, the property is distributed.

Separate property is defined under Domestic Relations Law Section 236 (B)(1)(d) as the following:

• property acquired by bequest, devise or descent (i.e., an inheritance);
• property acquired before the marriage;
• gifts from a party other than the spouse;
• compensation for personal injuries;
• property acquired in exchange for or the increase in value of separate property, except to the extent that such appreciation is due in part to the contributions or efforts of the other spouse; and
• property described as separate property by written agreement.

Marital property is all real and personal property that does not fall in one of the separate property categories acquired by either spouse or both from the date of commencing an action (filing a Summons) for divorce. Marital property is subject to equitable distribution upon divorce, while separate property remains separate without claim of the spouse.

The Law Offices of Stephen I. Silberfein, P.C. practices matrimonial and family law exclusively. Trust in them to eliminate surprises, litigate the best results possible, negotiate settlements and deliver a high level of personal service and contact.