I inherited real property from my deceased parents. Property was sold and funds place in a trust account in my name.

Asked about 1 year ago - Flushing, NY

Is this trust considered a marital asset in a divorce action? Is it used as a basis to determine child support and or maintenance? Is it considered income?

Attorney answers (4)

  1. David Alexander Browde

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . That depends upon the way the trust was set up. Inheritance generally is not a marital asset.

    Under the rules governing the conduct of attorneys in New York it may be necessary to remind you that this answer... more
  2. Paul Rutledge Durr III

    Contributor Level 14

    3

    Lawyers agree

    Answered . This is a divorce question , not a trusts question, you may want to repost. But generally inherited propety is not marital property, although appreciation in value during the marriage may be marital property. Trust distributions may be used to pay child support obligations and maintenance. The terms of the trust agreement determine whether the property may be attached. The status of the trust when created determines whether you are taxed on all of the trust income under grantor trust rules, or just taxed as income is distributed to you. You need to talk with a divorce attorney and a trusts attorney.

  3. John P Corrigan

    Contributor Level 19

    1

    Lawyer agrees

    Answered . It is not a marital asset.....is a separate asset (of yours) in a divorce action.

    My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a... more
  4. Thomas O. Moens

    Contributor Level 19

    2

    Lawyers agree

    Answered . I changed the practice area of your question to Divorce. While inherited assets are generally not part of the marital estate, if funds have been commingled, they might be considered a marital asset. My suggestions is to retain a divorce attorney in your area.

    By the very nature of Avvo, you have only provided limited facts and no documentation, therefore, our response to... more

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