Property division and children are the two parts of divorce that can really snarl up the process. If at least one of a couple is a high net worth individual, this becomes even more complicated. When people marry, they usually expect to stay married for the rest of their lives. Because of this expectation, they often don’t make an effort to keep their individual assets separated. Inheritance is one of the things people think about when property division arises during the divorce process. Is it something that will have to be split as well, or is it kept by the spouse who inherited it initially?
In the state of Florida, couples divide their property equitably, meaning they will be split between the couples as fairly as possible. However, only marital, or community, property will be divided. Anything brought into the marriage in advance belongs to the individual and is considered separate property.
Typically, any inheritances received prior to the marriage or during the marriage are considered separate property unless the inheritance is commingled during the marriage. For example, if you inherited a large sum of money and you and your spouse both used the money to purchase or upgrade your marital home, the home would then be considered marital property, even if part of the money came from the inheritance. A judge may even decide the house is both marital and separate property, which means the person who invested their inheritance may be entitled to three-quarters of the house while your spouse has the right to the remainder.
If you are considering a divorce and are concerned with the status of your inheritance, don’t hesitate to talk to our skilled Boca Raton divorce lawyers today. Schuttler, Greenberg & Mullins, LLC is a firm dedicated to providing top-quality family law advocacy for Florida families in need. Our attorneys strive to provide cost-effective solutions to your legal issues and help our clients strive to preserve relationships. We understand this may be an incredibly stressful time for you and your loved one, so our attorneys will do our best to make the divorce process as smooth and stress-free as possible. Let us see what we can do for you.
Contact us at (561) 336-6082 or fill out our online form to schedule a consultation with us today.