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1/19/2010
VerifiedGifts and inheritances are generally initially exempt from division as a family asset. However, it may be that the gift has lost it's characteristic of being considered as a gift. It would depend on the facts and what was done with it.
As well, in your post you say your father gave "us" a gift. If the money was intended for both of you then it's a matrimonial asset to be shared.
Let me know if you need further clarification.
As well, in your post you say your father gave "us" a gift. If the money was intended for both of you then it's a matrimonial asset to be shared.
Let me know if you need further clarification.
You are not going to be able to deduct this from the assest that are to be shared.
As soon as the money went into the matrimonial home it lost it's characterization as being a gift. If the other money went into the furniture that was then used as a family asset then it to will be considered to have losts it's exemption as a gift.
As soon as the money went into the matrimonial home it lost it's characterization as being a gift. If the other money went into the furniture that was then used as a family asset then it to will be considered to have losts it's exemption as a gift.
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