Divorce often involves complex decisions about dividing assets. One common question is whether inherited property can be part of the division. Understanding how courts treat inherited assets helps individuals prepare for what to expect during the process.
Inherited property and marital assets
Generally, inherited property belongs to the spouse who receives it and remains separate property. However, this can change if the inherited property becomes commingled with marital assets. For example, if inherited money goes into a joint bank account, it may become a marital asset.
Factors that affect division
Courts consider several factors when deciding how to divide if inherited property. If the spouse who receives the inheritance uses it for family expenses or to improve a jointly owned property, it may become subject to division. The intention behind how the inheritance is used also matters. Clear documentation showing the intent to keep it separate can help.
Steps to protect inherited property
To protect inherited property from becoming a marital asset, it is important to keep it separate from joint accounts or shared investments. Using inheritance solely for personal use and keeping proper records of the inheritance are effective strategies. Prenuptial or postnuptial agreements can also specify that inherited property stays separate.
When to consult an attorney
Dividing property in a divorce involves complexities, especially when inheritance is involved. An experienced divorce attorney can guide individuals on how courts in their state may handle inherited property. Legal advice ensures assets stay protected and divided fairly, depending on the specifics of the situation.
Understanding the rules around inherited property can provide clarity during a challenging time. Taking proactive steps and seeking professional advice can help protect what matters most.