inherited life insurance money and common law marriage ending

[sloane]

My father recently passed away and I am the beneficiary of his life insurance policy. My common law husband and I are close to separating (I think). What I need to know is if we split up is he entitled to any of the money that I receive from my father's policy??

[FL_Needs_To_Change]

I am of the opinion that he is not, given the nature of the money, IE an inheritance. If I recall LV had posted a similar response on an issue like this.
LV any words of wisdom?

I did find a case where an inheritance was used to purchase a home, and the other party (husband) wanted a share in the home after they filed for divorce. Since the wife used her inheritance, the husband contributed nothing to the actual purchase, was denied any asset in the home itself, (it was a hobby farm), but was given a share of the resulting livestock and equipment. The house itself remained in the sole name of the wife, so too did all the livestock and equipment.

With this I would say that your situation can fall under the same ruling given the nature of how you came into the money. It was given solely to you, so it is solely yours.

LV, anything to add?

Thanks

[wondering50]

An inheritance is usually excluded from family property. But is an insuance benefit considered same as an inheritance?

[littleman]

sloane my condolences on losing your dad.........Im not sure of legal issues revolving around life insurance inheritance......however when I was still legally married to my ex he inherited a policy from a gf that passed away......not sure how legal that one was either......but on a personal not and moral note why would anyone want to share in someone's inheritance from their father.......I would keep in bank account in your name solely or if you have children in trust for them for their future and then it can not be touched.........again my opinion.......its sad to think that life has went this way......someone loses their parent and the significant other or potential ex can take whatever you have (monetary or otherwise) and can have some of it.....just sad state this country is in......

[dadtotheend]

As long as the inheritance funds are maintained in a distinguishable and separate account, they receive special consideration and are excluded from marital property - you get to keep it.

Putting the money into a marital home and/or paying down a marital home mortgage definitely taints the money and it would end up being split.

Do a search on inheritances in this forum and you should come up with lots of info.

[sloane]

Thank you all very much for all your info. Since we don't own any property together and would only have to split debt and our belongings, I think that I will open a bank account in my name only (since the only account we have is in both our names) and I will leave the money in there until we are split. I would however like to pay off some of my own debt as well as invest some money for my kids futures. Thanks again very much everyone.

[janetarzan]

I agree with dadtotheend. As a real estate broker I always suggest that my clients NEVER put their inheritence into the matrimonial home, pay off the mortgage, or buy a property jointly with the inheritence funds. This can be very difficult while you are in a loving, working relationship to sell this idea to your spouse as it seems like you are hoarding from them. I suggest options such as putting it away for children's education or retirement fund ie. if the marriage fails down the road the money is still in your name and does not become part of the matrimonial assests.