Do Not Let Your Ex Take Your Inheritance
Inheritances given prior or during the course of the marriage in the State of Florida are considered property that solely belongs to the inheriting spouse. Nevertheless, there are mistakes that people sometimes make that can lead to their inheritance being deemed as joint property with their husband or wife.
Commingling of Your Inheritance
When people take their inheritance funds and deposit them into a joint bank account that is shared with their spouse, it is considered commingling of the money. As a result, the funds are no longer deemed to be the sole asset of the inheriting spouse.
The same rules apply when the inheriting spouse takes any automobiles or property that they inherited and put their spouse’s name on the title. By doing this, it will legally be considered the property of both spouses.
Additionally, the same rationality applies to any inheritance received that is spent for repairs to any houses or property that the spouses own jointly. As such, all the extra value of any renovations or improvements is automatically jointly owned.
Avoiding the Commingling of Your Inheritance
Spouses that receive an inheritance can easily circumvent commingling their inherited assets by taking it and depositing it into a bank account that is owned and controlled solely by themselves.
Any gifts received by one spouse, which are never used for the benefit of or titled in the husband or wife’s name will be considered separate property. The inheriting spouse can demonstrate that the inherited item is solely theirs by providing a note or proof that is associated with it. In cases where the note signifies that the gift was intended for the inheriting spouse in particular, they should be able to convince a divorce judge that it ought to remain their property.
In cases where a husband or wife refrains from placing their spouse’s name on a property deed, then it is highly unlikely for a judge to consider it as commingled. However, if the property is rented out, any rent payments could be viewed as a marital asset to be equitably divided among the spouses.
While divorces are often unexpected, if you receive money, property of other valuable gifts during the course of your marriage, it is important to protect your inheritance. Inheriting spouses that are currently experiencing marital difficulties should be especially mindful of commingling their inheritances. It is important to remember that inherited properties will remain the sole assets of the spouse that received the inheritance, as long as they do not change that by commingling the assets.
Don’t Hesitate to Contact a Knowledgeable Divorce Lawyer Today!
The Law Offices of Steve W. Marsee can advise you further on commingling of assets and inheritances. Additionally, our property division lawyers can assist you in determining what assets and liabilities would be considered marital ones.
Our experienced lawyers will strategize how to make sure that you are able to keep what rightfully belongs to you, whether it be your grandma’s diamond ring or Microsoft stock certificates. Divorces are often stressful and aggravating, so we strongly encourage you to seek representation asap. It is important that you select a skilled lawyer to provide you with the best possible outcome.
The Orlando divorce attorneys at the Law Offices of Steve W. Marsee are here to help you successfully resolve your divorce. Call today at 407-521-7171 or contact us online to discuss preventing the commingling of your inheritance in more detail.