Many times when a person has been named a beneficiary in a loved one’s will, they receive a sum of money, a piece of property, or another very meaningful gift. In the event that that individual goes on to get divorced, they often wonder what will happen to their inheritance in the divorce and what the chances are that their spouse will be granted it in the divorce.
The way that any physical or monetary assets (and liabilities) are divided in a divorce is known as equitable distribution. This process considers a wide variety of factors such as each spouse’s contributions to the marital assets, the general economic situation of each spouse, the age and health of each spouse at the time of the divorce, and more. Only marital property, which is the property that was acquired during the time the couple was married, is divided through equitable distribution. All separate property from before the couple became married remains separate.
When it comes to determining whether an inheritance will be divided in the divorce, it is entirely situational. For example, if an individual inherited money and kept the money in a bank account with only their name on it, it is separate property that is excluded from distribution. If it was commingled with marital funds, it is subject to division.
Our firm understands that so much of your future is on the line in matters of divorce, family law, bankruptcy, and estate planning. Before taking any sort of legal action, it is important to discuss your legal matter with an experienced attorney. Contact The Radol Law Firm to discuss any divorce and family law matters you may be faced with.