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.
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