When a married couple believes it is time to end their relationship, there can be many details that need addressing. The division of assets is one of the most important issues a divorcing couple must work out. Determining who is entitled to what can be a complex and even contentious part of the divorce process.
In general, some assets are considered shared, and therefore subject for division. Other assets may be considered belonging to only one of the parties. And then there are assets that may or may not be shared, depending on the situation.
So what if you receive an amount of money from an inheritance? Depending how they are handled, funds from an inheritance could be considered either separate property, or shared property.
Typically, an inheritance does not fall under the category of marital property. As such, it is not legally subjected to equitable distribution. This means an inheritance should not be dispersed between divorcing parties. Rather, the inheritance should be retained by the person to whom it was left.
However, the issue of inheritance division can become complicated if at some point the assets are in some manner shared. For example, if inherited funds are put into a married couple?s joint bank account and then spent on shared expenses, then the money is considered to have been “comingled.” Comingled money is not immune from division.
When you are getting a divorce, it is important that you work toward receiving all that you are due. The assets that you are awarded will likely form the financial foundation upon which you will build the rest of your life. A Texas divorce attorney can help protect your interests as you attempt to get you the full amount to which you are entitled in a settlement.