My wife received money from her father’s life insurance policy.
Is that money now a marital asset subject to property division laws if we get divorced?
I am unable to give you legal advice on divorce. I can give general divorce help for men, though, my knowledge is based on Missouri divorce laws where I am licensed to practice.
Generally, marital property is described as all property acquired by either spouse during the marriage, with a few exceptions.
One exception is property that is acquired by gift or inheritance. Your father-in-law’s life insurance policy naming your wife as beneficiary would be considered inheritance, and thus, separate property under my state’s property division laws.
However, if your wife has commingled the money from her father’s insurance policy with marital funds in someway then the argument can be made that this money is now marital.
If the money is easily traceable, then the court still may award this money to your wife out of equity and fairness.
Remember, I am unable to provide you with anything more than divorce tips for men, so please consult with a divorce lawyer in your jurisdiction.