The division of assets can be a complex and contentious issue in any divorce. In Florida, where the laws surrounding high-asset-divorce are as complex and varied as its population, understanding how an inheritance is treated during divorce proceedings is critical to ensure you’re able to retain what’s rightfully yours in the Sunshine State.
What is the Difference Between Marital and Non-Marital Assets?
In Florida, the court distinguishes between marital and non-marital assets when it comes to division during a divorce. Marital assets are generally those acquired during the marriage, a car or a boat for example, while non-marital assets are those acquired before the marriage or acquired separately as a gift or inheritance during the marriage.
Typically, inheritances are considered non-marital assets and are therefore not subject to division during a divorce. This means that if you have received an inheritance during your marriage, it is generally considered your separate property and is not divided between you and your spouse in the event of a divorce.
However, there are scenarios where inheritances can become a part of the marital asset pool. This can happen when the inherited assets are commingled with marital assets. For instance, if you deposit your inherited money into a joint bank account or use it toward a marital home, it might be deemed as a marital asset.
How Do You Protect Your Inheritance After a Divorce?
Considering the complexities involved, how can one safeguard their inheritance during a divorce? One proactive approach is to draft a prenuptial or postnuptial agreement that clearly delineates the inheritance as a separate asset.
If such an agreement does not exist, maintaining separate accounts and avoiding the use of inherited assets for marital expenses can help in ensuring that the inheritance remains a non-marital asset. Seeking legal counsel can be pivotal in navigating these complex waters to protect your inheritance rights.
How Does Case Law and Precedent Play a Role in Florida’s Divorce Courts?
In Florida, case law has a significant role in shaping how the court treats inheritances in divorce cases. Judges rely heavily on precedents, which means studying previous cases can offer insights into how the inheritance might be treated in your situation. Consulting with a high-net-worth divorce attorney at RTRLAW, who is knowledgeable about Florida’s case law and intimately familiar with legal precedents, can be instrumental in guiding you correctly.
What Are the Tax Implications of an Inheritance After a Divorce?
Inheritances also can have significant tax implications. Though inheritances are not subject to equitable distribution in Florida, they might still influence financial settlements, spousal support, or child support calculations. It is advisable to consult with a tax advisor who works closely with divorce attorneys to understand and navigate the potential tax ramifications related to your inheritance.
RTRLAW’s High-Asset Divorce Lawyers Are Here to Help
Divorce proceedings are already a challenging path to navigate, and the involvement of inheritances can add a layer of complexity to the process. While Florida law generally protects inheritances from being divided during divorce, the waters can get murky when inheritances are commingled with marital assets.
If you’re getting a divorce and have received an inheritance, contact RTRLAW for a safe and secure, no-obligation case review to understand the potential implications and to ensure your assets are protected to the fullest extent possible.
Every divorce case is unique; having personalized and professional legal advice can help safeguard your inheritance in a divorce. For more information, call or text RTRLAW today at 1-833-HIRE-RTR (1-833-447-3787).