Is My Family Inheritance A Marital Asset?

Inheritance questions often arise when a couple moves to end a union. In Florida, marital assets are typically subject to equitable distribution when they divorce, but individuals can take steps to shield family inheritance funds.

If you’re facing a divorce and have concerns about the treatment of your inheritance, consult with a skilled Tampa family lawyer. Having a conversation with an attorney is a proactive step toward securing the outcome you are seeking.

Complications When Funds Are Commingled

Florida is a state that follows the principle of equitable distribution when dividing marital assets. Generally, marital assets are properties, income, and other valuables acquired by either spouse during the course of the marriage. While a distribution could mean a 50/50 split in some instances, it doesn’t necessarily mean that will be the case. The law focuses on a fair division based on a range of factors, including each spouse’s contributions, financial circumstances, and the duration of the marriage.

Inheritances are often treated differently from other marital assets. For example, if you have received an inheritance it could be considered separate property, an asset not subject to equitable distribution. That said, when an inheritance is commingled the lines between separate and marital property become blurry.

Commingling is something you need to clearly understand if you want to keep your inheritance independent from marital funds. Basically, when an individual combines their inheritance with marital funds, the assets are commingled. Examples of this include depositing inheritance money into a joint bank account or using inherited money to purchase marital property. Once inherited assets are commingled, the separate status is lost and the marital asset will be valued and equality distributed should the marriage come to an end.

Asset Tracing and Legal Strategies

When protecting inherited funds is a concern, connect with a legal professional who can guide you through the process. One key thing a skilled attorney can do for you is to trace the origin of funds and establish whether an inheritance has been commingled with marital assets or not.

In cases where commingling has taken place, negotiations and mediation could be effective tools to reach a fair settlement.

Strategic advice from a Tampa family lawyer is important if large asset transfers are part of your divorce worries. A talented attorney will advocate for the preservation of your inheritance and work towards an agreement that aligns with your goals. They can also discuss with you the possibility of creating prenuptial or postnuptial agreements that outline the treatment of inherited assets. Knowledgeable lawyers in the Tampa area can work to ensure that asset division aligns with your interests while also following the principles of Florida’s equitable distribution laws.

Do you have questions about divorce and inherited assets? Inheritance can add a layer of complexity to a divorce, but you still may have more options than you realize. With legal guidance from the team at Blair H. Chan, III, you can navigate every challenge with confidence and connect with the post-divorce life you desire. Call 813-202-7831 to schedule your confidential consultation.