Receiving large amount of money from overseas.
Im about to go through a divorce that is going to be expensive. All amicable but Ill need to pay out about 200K that I simply dont have.
Im getting custody of both kids by agreement and I cant borrow that amount vs the equity in my house as we only bought a few years ago. I really dont want to sell my house but I may have no other option.
Im lucky enough to travel alot and mix in circles of high wealth individuals. One of these individuals was an old work contact from China that developed into a friendship.
At this stage in both of our lives we dont have many friends. We have a tradition where he flys in for dinner at Xmas so we can catch up. My kids refer to him as an uncle etc etc.
Anyway, he heard about my issue and wants to transfer me the 200K plus whatever I need to cover my legal expenses. His words were "I have 2 friends in the world and Im lucky enough that money isn't an issue for me anymore. If I didnt do this to help you when you actually need it, I wouldnt forgive myself." Not ashamed to admit that made me cry later that night.
My hesitation is that I dont know the legalities or tax implications of taking that sort of gift. My lawyer just said to make sure I dont take it before the divorce or theyll have to add it as part of the pot and she will be owed more than the 200K.
Is there anything I should be cautious of or worry about?
Thanks.