What Happens To My Inheritance During A Divorce?
When relatives put aside money for their beneficiaries, the last thing they want is for the inheritance to fall into the wrong hands. One of the most common fears is that if you leave money behind for your children, their ex-spouses might somehow get their claws into it after a divorce. But is this really possible? The truth is that the subject of inheritance can get a little complicated during a divorce. If you have a significant sum of money or a high-worth asset in your inheritance, you might be concerned about this subject. So what happens to an inheritance during a divorce?
Inheritance is Separate Property
The good news is that inheritance is always considered “separate property.” In the eyes of the family court, no one should have to give up their inheritance during a divorce. This protects the last wishes of the deceased individual who left behind the money. If you were to allow an ex-spouse to get half of someone’s inheritance, you would be violating the legal integrity of the probate court and the entire system of inheritance. In this way, you have two different areas of law conflicting against one another.
Marital property includes everything you and your spouse accumulated during the marriage. This is the only property that can be divided during the property division process. But even if you received your inheritance during the marriage, you still don’t need to hand it over to your spouse.
Why Inheritance Still Affects a Divorce
That being said, there are a number of ways in which inheritance can affect a divorce. Firstly, you might still end up handing over part of your inheritance if you mix it into a commingled asset. For example, you might use your inheritance for a down payment on a new family home. Your spouse might then make mortgage payments on that home for years before your divorce. So who owns the home? This is a very complicated situation that may require forensic accountants and other experts to resolve.
Your inheritance might also affect how much support you receive. If you have millions of dollars in inheritance money and your ex-spouse is working a minimum wage job, it might not make much sense for them to pay you alimony – even if you are technically considered the “dependent” spouse because you were a stay-at-home parent during the marriage. The same logic may apply to child support – especially if you receive primary physical custody.
Where Can I Find a Qualified Divorce Attorney in Florida?
If you’ve been searching for a qualified, experienced Orlando divorce attorney, look no further than Steve Marsee, P.A. We know that financial issues can become quite complicated when you head towards divorce, and inheritance is only one example of this. With our help, you can tackle the property division process with a sense of confidence and efficiency as you protect your financial future. Book your consultation today, and we can immediately start crafting an action plan based on your unique circumstances.