Inheritance: Is the value considered in property division?

When two people decide to dissolve a marriage in Kentucky, there are countless decisions to make. One of the most hotly contested items in divorce proceedings is property division. While most assets can be divided based upon a prenuptial agreement or by commonly observed laws, one issue that could face a couple when divorcing is how property or money from an inheritance will be divided.

If there is not a prenuptial agreement in place, assets are divided based upon the state's laws. An inheritance received after two people are married is typically not classified as marital property, and will remain the property of the beneficiary in the event of a divorce. This can become murky if there is a commingling of funds after an inheritance is received. The laws differ from state to state, and it would behoove most people to understand their state's laws on this topic.

Commingling occurs when assets belonging to an individual are joined with the assets of a spouse in order to benefit the two people as a couple. For example, this can occur when inherited funds are deposited into a joint account that is accessible to both spouses. On the other hand, if the money or property is always kept separate, the person who received the inheritance can usually keep all of the money and/or property in the event of a divorce.

Determining property division can be a difficult and convoluted subject for those in Kentucky. Most who face this prospect seek the counsel of an experienced divorce attorney. Attorneys practicing in this area of law will be in the best position to guide their clients in the best possible manner, and can help them retain as much of any inheritance as possible.

Source: FindLaw, "Inheritance and Divorce", Aug. 17, 2016

No Comments

Leave a comment
Comment Information
Email Us For A Response

Get The Help You Deserve

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Law Office of Todd K. Bolus, PLLC
600 West Main Street
Suite 500
Louisville, KY 40202

Toll Free: 800-821-4049
Phone: 502-438-9526
Fax: 502-882-5185
Map & Directions