Divorce is a process that involves complex feelings and disputes, including disputes over property. The end of a marriage can leave both parties at odds over things they may believe are rightfully theirs, and these disagreements can be costly, lengthy and stressful. You may have concerns about an inheritance you received over the course of your marriage.
An inheritance received while you were married could still be rightfully yours, but it is important to take steps to protect your interests and your property rights. Before you agree to the terms of your divorce order or make decisions that could impact your future, you would be prudent to seek guidance and an explanation of your rights.
Your divorce and your finances
Many factors can determine whether an asset is marital property. In Texas, marital property is subject to equitable division in a divorce, and you may wonder if this includes an inheritance you received. If you have concerns about this type of asset, you may find it beneficial to understand the following facts:
- In most cases, an inheritance does not qualify as marital property, which means it is likely not eligible for division.
- Using an inheritance in certain ways, such as for home improvements, could cause it to lose its immunity as separate property.
- If there is a commingling of inherited funds with marital funds, or if funds are used in a way that benefits marital assets, inherited money could be subject to division between the two parties.
- If you received an inheritance before marriage and kept it separate, you may be able to protect these funds from division during a divorce.
Before you move forward with your divorce or make a decision that could have a significant impact on your future, it is important to get advice about protecting your financial interests.
Your future financial interests
Divorce will impact your finances and many other areas of your life. Starting with a complete evaluation of your case, your rights and available options can help you make decisions that are beneficial and appropriate for your individual needs.
When it comes to protecting your inheritance and other specific assets you want to keep during a divorce, you do not want to take any chances. It is smart to have experienced guidance as you navigate this process.