Brentwood, NY asked in Divorce and Family Law for New York

Q: Separate vs. Martial Property Questions regarding a Business. Business started during marriage with a partner: 50% 50%.

Buy Sell Agreement required us to purchase life insurance naming each other as beneficiary. My partner passed away and I was sent a check for the life insurance proceeds. (He was the owner of the policy and paid the premiums, I was the beneficiary). I signed the check over to the Estate (did not cash it) and in return the Estate signed over his 50% shares to me. I know that my original 50% ownership would be considered marital property. My questions is whether the 50% I was given in exchange for the life insurance proceeds would be considered martial or separate property.

Related Topics:
1 Lawyer Answer
Aubrey Claudius Galloway
Aubrey Claudius Galloway
  • Scarsdale, NY
  • Licensed in New York

A: Marital property in all likelihood but more facts are needed. We offer a free consultation at 914-912-1555.

Hope this helps/we can get

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.