When Inheritance Causes Issues During A Florida Divorce
When someone leaves money to a loved one, they certainly don’t expect this money to be snapped up by their ex. And technically speaking, this should never happen. However, there are a few things you need to be aware of when dealing with inheritance during a divorce, as a number of issues may arise if you’re not careful. Approach this effectively with the help of a qualified divorce attorney in Florida, and you shouldn’t have to worry.
Can My Ex Get My Inheritance?
Generally speaking, inheritance is always considered separate property. This means it is not eligible for equitable distribution, and your ex cannot get their hands on it. That being said, there are some situations in which inheritance becomes commingled with marital assets. For example, you might use your inheritance to pay off your mortgage or put a down payment on a home. The home is considered a marital asset, but your inheritance remains separate. It then becomes difficult to determine the value of your inheritance, especially if the property increases (or decreases) in value.
How do you determine the net growth of your inheritance after it has been invested into real estate? This is something that a forensic accountant may need to assist you with. A forensic accountant specializes in these kinds of problems, and they can untangle your inheritance from other commingled assets. As you might have guessed, this process is not easy – but it might well be worth the trouble if you can get back the inheritance that you deserve.
Can Inheritance Affect Support Payments?
Another thing to consider is that your inheritance could affect support calculations. For example, you might stand to receive a certain amount of money in alimony or child support from your ex. But what happens when the court finds out that you’ve just received a substantial sum in inheritance? If this is the case, the court may factor this in as part of their calculations. It is entirely possible that you receive no support whatsoever, especially if your inheritance makes you wealthier than your ex.
But it all depends on the type of your inheritance. If you are receiving a lump sum, the whole amount should be taken into account. But what happens if you are the beneficiary of a “drip-feed” trust that only distributes a small sum each month? This is a relatively common estate planning tool, and it ensures that family members have access to funds for the foreseeable future. If you don’t actually have the money in your possession, it cannot be taken into account when calculating support obligations. This means that in some cases, you can continue to receive disbursements from your trust and support payments.
Where Can I Find a Qualified, Experienced Divorce Attorney in Florida?
If you’ve been searching for a qualified, experienced Orlando divorce attorney, look no further than Steve Marsee, P.A., Attorney at Law. Over the years, we have assisted numerous divorcing spouses across the Sunshine State, and we know that inheritance can often cause a number of issues. If you need help with this or any other aspect of your divorce, don’t hesitate to reach out today and get started with an effective action plan.