Will my inhetitance have any affect on my wife’s bankuptcy?

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Will my inhetitance have any affect on my wife’s bankuptcy?

My wife is filing for bankruptcy soon. I will not. All the bills in her filing are only in her name. I’ve received 2 gifts from my parents for $6,000 and $7,000 from the death of my grandmother. The 2 checks are only in my name and will probably be deposited in a checking account in my name only.

Asked on October 24, 2011 under Bankruptcy Law, Texas

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If the bankruptcy is solely in your wife's name, the issue is whether your separate property inheritance will be commingled with your wife's debts or assets. The best approach is to have those monies kept in a savings account or trust without any connection to your spouse. Your spouse's assets will be included in the bankruptcy and any joint assets but an inheritance is usually considered separate property. I would ensure those funds are placed in another banking institution that is separate from the one or ones you share with your wife or in which your wife has accounts (whether they be savings accounts, checking accounts, or certificates of deposit).


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