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New York Law - Inheritances An inheritance is separate property in New York. However, if the recipient takes the proceeds and treats them as joint property, then they will be treated as marital property (not as separate property) in the divorce hearing. Cases: Haas (1999) WL 784301, 1999 N.Y. Slip Op. 07864, Oct 01, 1999 (NO. 1284, 98-3745). In this case, the wife received two payments from her inheritance from her father. The first, she deposited in a joint bank account. That deposit clearly became marital property. The second, it seems, included $25,000 that was lent to her husband. The husband and a partner fixed up and sold a piece of investment property. The proceeds of the sale of the investment property went into a joint bank account. The wife claimed that this $25,000 was her separate property. However, the wife had not documented that the $25,000 loan was from her "separate" property. And in any event, the deposit of the proceeds of the property's sale into a joint account made it certain that the $25,000 had become marital property. As a result, she had to divide the $25,000 with her husband in the divorce proceeding. McGarrity (1995) 622 NYS2d 521. Over $250,000 from inheritances, deposited in a joint account for convenience after the parties had separated, remained separate property. Glazer (1995) 593 NYS2d 905. Six thousand dollars ($6,000) of inheritance that was deposited in a joint savings account and presumably used as marital funds became marital property.
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