Retaining Inherited Assets While Divorcing in Florida
Dividing assets when pursuing a divorce is often complex and emotionally charged, and it is possible for disputes to become even more heated when one or both spouses have assets that they inherited during the course of a marriage.
To connect with the essential information you need, talk to a Port St. Lucie’s family law attorney. Legal professionals can provide you with expert guidance, negotiate with your spouse’s attorney to reach a fair agreement, and protect your interests.
What If My Inherited Assets Are Separately Held?
The state of Florida follows the principle of equitable distribution when a couple chooses to end a marriage. This means that marital assets will be divided fairly, but that fair division does not necessarily mean the asset distribution will be equitable. The equitable distribution legal concept takes various factors into account, such as how long the marriage lasted, how each spouse contributed to the union financially, time spouses spent supporting the career of the other, and the couple’s overall economic circumstances.
Because of equitable distribution rules, the key issue when it comes to inherited assets is whether they are considered marital or separate property. Generally, assets acquired before the marriage, gifts, and inheritances secured during the marriage are considered separate property. Because of this, these assets are not subject to division, but there are often exceptions that complicate matters.
For example, if the inherited assets were commingled over time, they may no longer be categorized as separate assets. Commingling occurs when separate property, like an inheritance, is mixed with marital assets. So, if you deposit inherited funds into a joint bank account or use them to purchase a marital home, it will become difficult to impossible to separate the asset from marital property.
If you want to safeguard your inherited assets from commingling, maintain clear and separate records. This means keeping assets in a separate account under your name and not using the assets for joint expenses. And when questions about inherited assets arise, consult with a financial advisor or attorney for guidance on how to maintain their separation.
How Can a Knowledgeable Attorney Help?
Navigating inherited asset division requests during a Florida divorce can be emotionally taxing and financially significant, but an experienced family law attorney can walk you through the process and be sure you have the correct documentation in place when it comes to inherited assets. You need to be prepared to enter divorce talks with evidence of the nature and origin of your inheritance, such as copies of wills, trusts, and bank statements showing the deposit of inherited funds. To secure your financial future, seek legal advice from a Port St. Lucie family law attorney who has experience with asset division and can guide you toward a resolution that safeguards your inheritance.
Are you hoping to retain your inheritance but fear you will have to release some of the assets to your soon-to-be-ex spouse? Share the details of your situation with the compassionate legal team at Baginski, Brandt & Brandt. Bring your questions to an expert, reach out to schedule an appointment.