Safeguard your financial interests by knowing how courts treat inherited property in a divorce. You should know how the law views these assets and what factors affect their division.
Marital vs. separate property
Marital property includes assets you acquire during the marriage, while separate property involves items you owned before marrying or received as gifts or inheritances. Understanding the difference between these two is important for knowing how courts might divide them in a divorce.
Commingling of assets
If you mix inherited property with shared assets, like putting it in a joint bank account or buying a house together, it might be considered marital property. To avoid this, keep your inherited money or property separate and keep clear records of where it came from.
Contributions to the marriage
The court will look at whether the inherited property helped support the marriage, such as by paying for shared expenses or improving a home you both own. If it did, the court might see the inheritance as marital property. You must show that you kept the inheritance separate from marital money to protect it.
Court discretion
Courts have a lot of power in deciding how to divide property during a divorce. They aim to split things fairly, considering the length of the marriage, each spouse’s financial situation, and their contributions to the marriage.
Planning ahead
Understanding the rules about inherited property can guide your decisions and strategies during a divorce. It’s important to maintain clear records and keep your inherited assets separate from those shared with your spouse. This careful management ensures that you’re well-prepared for any financial discussions or decisions that may arise.
