If you are going through a divorce, you know that you have to split up the marital assets that you and your spouse both own. Generally, assets that you obtained during your marriage are going to qualify, such as real estate, vehicles, home furnishings or income.
However, you may also have received an inheritance from your parents during this marriage. You know that your parents wanted the money to stay in the family and go to you, so you do not think they would want you to split it with your ex during divorce. Will you be obligated to do so, and how can you protect that inheritance?
Use a prenuptial agreement
You are not necessarily obligated to split the inheritance with your ex. It starts as a separate asset, so you can use a prenuptial agreement or a postnuptial agreement to protect it. This is a document that you put in place before the divorce, stipulating how assets should be divided if that divorce does occur. For instance, your prenup can simply state that you get to keep the entire inheritance.
Do not commingle the inheritance
It may be too late to create a prenup or a postnup, so then the key is not to commingle the inheritance with other assets. Even though you are married, since an inheritance is a direct gift, it typically begins as a separate asset that only you own. As long as you do not mix it with other marital funds, then you can keep the entire inheritance. But if it is commingled, you may have to split it.
An inheritance is just one complex asset to consider during a divorce. Be sure you understand all of your legal options.