Asset division may be among the most complex parts of a divorce. This is especially true when it comes to inheritances and family heirlooms. Understanding the treatment of these items during divorce proceedings could help you better prepare for the process.
What happens to inheritances?
Generally, inheritances received during a marriage count as separate property. This means they typically belong to the spouse who inherited them. However, there are exceptions:
- If you combine the inheritance with marital assets, it may become marital property.
- If you have used the inheritance to benefit the marriage (e.g., buying a shared home), it might qualify as a marital asset.
To protect your inheritance during divorce, keep it separate from joint accounts and avoid using it for shared expenses. If you have already commingled the funds, you must provide clear documentation of the inheritance’s origin and use during the marriage.
What happens to family heirlooms?
Family heirlooms could be particularly contentious during divorce proceedings. Unlike monetary inheritances, heirlooms often hold sentimental value that you may be unable to quantify easily. Heirlooms received as gifts or inheritances may count as separate property.
- If the heirloom purchase occurred during the marriage, it may be marital property.
- The court may consider the item’s sentimental value to each spouse when making decisions.
To protect your family heirlooms, consider keeping detailed records of when and how you acquired them. If possible, include them in a prenuptial or postnuptial agreement.
Laws regarding inheritances and heirlooms can vary by state. Consider an attorney who could provide personalized advice based on your specific situation.
Sometimes, you might consider negotiating with your spouse outside of court. This may lead to more satisfactory outcomes for both parties, especially when dealing with items of sentimental value.
You could better protect your assets by understanding how the courts may treat inheritances and family heirlooms during divorce.
