When a couple gets divorced, they will have to go through the equitable distribution process that allows them to divide the couples assets and liabilities fairly between the spouses. There are a lot of different questions that arise when it comes to dividing assets because people are unsure of how it works and are worried they will lose some of their most prized and sentimental possessions. One of the things that they ask many times is whether inheritances they have received from a deceased loved one are subject to equitable distribution.
Like anything else, it all depends on your situation and what you did with the inheritance money after you received it. If you kept the money in a separate bank account in your name only, it will be considered separate property and is therefore not subject to distribution. On the other hand, if you were to stick all of that inheritance money into a joint account that you share with your spouse, it will be seen as marital property by the court and will be subject to distribution in your divorce.
This question also arises when it comes to gifts that the person has been given over the years. If a third party outside of the marriage gave a gift to one of the spouses and not the other, it is considered their own separate property. However, let’s just say a third party gave the couple a housewarming present, it will be considered marital property and have to be divided. This is because it was given to both spouses together.
If you have questions about dividing your assets in divorce, contact our firm today.
If you require experienced legal representation for any of your divorce and family law matters, contact the Law Offices of Mark S. Paige, P.C. today to schedule a consultation.