Receiving a bequest from a loved one might be a financial boon. However, if the individual receiving the inheritance is going through a divorce but has mingled the inherited funds with married funds, this might be cause for worry. All marital assets are distributed evenly between the two spouses after a conventional divorce. Inheritances, on the other hand, are normally not subject to the equitable division since they are not considered marital property. Instead, inheritances are seen by divorce courts as independent property belonging to the solitary beneficiary of the inheritance. It is critical to safeguard any inheritance from a divorce.
Which Spouse Is The Rightful Owner Of The Inherited Assets?
In most circumstances, an inheritance is meant for a single individual. This effectively makes the heir’s inheritance his or her sole property. A divorce court may consider assets to be joint property if estate records prove that both spouses were intended to benefit from the inheritance.
Even if one spouse holds sole title to the inherited assets, part of the assets may be lost if they are combined physically with the shared property during the marriage. The combining of assets is referred to as commingling. In truth, there are both purposeful and unintentional assets commingling.
Protecting Your Inheritance: Steps To Take
An inheritance might occur before marriage, during a marriage, or in the process of a divorce. There are multiple legal methods for a spouse with an inheritance to safeguard their inherited assets from a divorce, but there are also several ways to fail to preserve an inheritance.
Loss Of Paperwork Proving Inheritance Ownership
One of the most common blunders a person may do after receiving an inheritance is losing or discarding the papers proving that the bequest is completely his or hers. During a divorce, a spouse should acquire any evidence proving that the inheritance was meant only for them and not as a gift for both couples.
A copy of the deceased’s will or estate paperwork may be included. This evidence can then be utilised as a trustworthy source of evidence in court.
Do Not Use Inheritance To Repay Joint Debts
Using an inheritance to pay for some combined expenditures, such as home bills or debt, is termed marital spending. To preserve an inheritance from becoming commingled assets, keep it separate from shared assets and do not use it to pay joint costs or debt.
Contact An Experienced Family Law Firm
It is natural to be concerned about how inheritance might be handled in the case of a divorce or during divorce procedures. Although an inheritance meant for one spouse is normally regarded as distinct property, there are specific circumstances in which a court may decide to share some or all of the assets contained in the legacy.
Contact the legal specialists at Law Offices Of Thomas Stahl by requesting a consultation online to learn more about the best methods to safeguard an inheritance after a divorce or to talk with trustworthy family law attorneys.