My spouse inherited $18,000,000 before we were married. He used this money to buy our house and support our 2 children and us in a lavish lifestyle. While we were married, my husband started 2 businesses in which he "loaned" his money to. He would borrow against his large stock holdings and run his businesses from these monies. Hence, the 2 companies never ( and I mean NEVER) showed a profit and 8 million dollars later - he shows them as worthless yet he still continues to manage them daily (50 employees) He states on bank documents that he has notes receivable in the amount of $8,000,000 from these loans - but, unbeknown to the bank, they are uncollectable from those businesses. My husband nor I have ever made enough money through salaries to even cover our mortgage for one month, kid's tuitions or anything else. We were totally supported by his inheritance after the first 2 years of our marriage. We have been married 19 years and had no pre-nup. My BIG question to you is: Will his inheritance be deemed "separate property" or will it be "marital" because of the ways he supported the marriage lifestyle with it? – Ellen






Answer:
Ellen: The inheritance will be separate property unless it has been mixed up with marital property. However income from the inheritance and lifestyle during the marriage will be factors the court can consider in determining alimony. Income will also be used to determine child support.
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Posted by James J. Gross on 01 Sep 2010