Will You Need to Divide an Expected Inheritance in a Miami Divorce?

Many people are counting on inheriting something from their parents. But is this expected inheritance subject to division in a Florida divorce? The good news is that an inheritance you have not yet received is not marital property under the law, so you should be able to leave the marriage with it.

In fact, an inheritance you have already received is likely yours to keep, as well. However, you might have to divide an already-received inheritance if you commingled it with marital assets. Reach out to our experienced family law firm to review how your assets will be divided in a divorce.

Have You Received the Inheritance Yet?

Many parents tell their children they intend to leave them real estate or other assets when they die. Children often come to expect this inheritance, even though their parents are still alive.

If you have not received an inheritance, then it is not something you need to divide as part of your divorce. It is not yet in the marital estate.

Of course, your parents might leave an inheritance to both you and your spouse. That could be written in the will. In that case, your soon-to-be ex will inherit when your parents die, unless they change their will before then. But usually most people inherit individually, and this individual inheritance is yours to keep.

What if You Have Already Received an Inheritance?

The legal analysis changes slightly if you received an inheritance during the marriage. Generally, an inheritance left to you alone is your separate property, even if you are married when you receive it. That is the good news.

Nonetheless, some people end up commingling their inheritance with marital assets. For example, you could have used money from an inheritance to make major renovations to your family home. The home is a marital asset, and the money used for a major renovation was your separate property.

Now that you have used part of your inheritance to update the house, it is hard to separate your separate property from marital property. Commingling an inheritance in this way can cause the asset to lose its character as your separate property.

You might also have spent your inheritance. Suppose you inherited your parent’s home when they died. You sold it for $300,000 and then used the proceeds to pay for a family vacation to Vegas, as well as four years of college for your eldest daughter. Now you decide to divorce. Because the money is spent, you cannot somehow get it back when you divorce.

By contrast, you might have kept your inheritance separate: money in a separate account or real estate titled only in your name, for example. If you do not commingle, then you will likely leave the marriage with the inheritance as your separate, non-marital property.

Contact a Miami Asset Division  Lawyer

The division of marital assets can make a big difference in whether our clients hit the ground running or struggle financially after divorce. You need accurate, timely advice to help you plan for your post-divorce future. Contact a Miami asset division lawyer at Hamilton O’Neill.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html