How to handle inherited assets during divorce

On Behalf of | Jun 5, 2024 | Divorce

Navigating the complexities of divorce can be challenging, particularly when it involves the fate of inherited assets. Understanding the nuances of Texas divorce law and taking proactive steps to safeguard your interests can make a significant difference.

Separation of inherited assets

In a Texas divorce, you don’t split your inherited assets with your spouse. However, there are some circumstances where the court may deem the inheritance as marital property. This means the courts could divide it between you and your spouse during the divorce.

For example, depositing inheritance money into a joint bank account risks classifying it as marital property, subject to division between both parties. Additionally, if you use inherited assets to pay for marital expenses, like home improvements or day-to-day living expenses, the courts may also treat them as shared property.

Managing inherited property

Understanding Texas divorce law and maintaining clear records are key for managing inherited assets during divorce proceedings. You need to keep the original inheritance documents, bank statements, and records of how you used the assets.

Meticulous record-keeping prevents inherited assets from being mistakenly categorized as marital property and that they stay with the rightful owner.

Safeguarding your interests

Divorce is hard, but properly handling inherited assets can make it easier. Knowing your rights and what you need to do can help you feel more at ease.

Knowing what to expect and how to protect your inherited property lets you approach negotiations strategically and feel confident that your interests are safeguarded throughout the divorce process.

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