Dissolving a marriage can be a stressful and complex process and those who are preparing to undergo a similar life change may have questions about what to expect. Individuals in Minnesota who receive an inheritance may have concerns about whether this asset may play a role in the divorce process. Knowing the factors to address regarding inheritance assets might prove integral to preparing to protect one’s future interests.
There may be several vital topics to address regarding inheritances in divorce. One of the first things to cover might involve determining if an inheritance is separate property or marital property. While similar assets may typically be considered separate property, if commingled with marital wealth, at least a portion of one’s inheritance could lose its separate identity.
Some scenarios in which this may occur could involve placing funds from an inheritance in joint bank accounts or using these funds to pay for household needs. If a portion of an inheritance is deemed marital wealth, it will likely be subject to the process of property division. As such, taking steps to protect against a similar outcome could be vital to safeguarding one’s inheritance, but knowing how to achieve this goal can seem a challenging task at times.
When facing a divorce, those who have questions about the possible role an inheritance might play in this process could benefit from seeking advice in addressing their situations. By consulting with a family law attorney, a person in Minnesota could obtain much-needed advice on every vital factor to address regarding similar assets. An attorney can help a client evaluate all his or her available options and assist in preparing a strategy to protect his or her future interests during divorce proceedings.