Is My Inheritance Considered A Marital Asset?
When considering a divorce, you may be wondering which assets are considered marital property. If you received an inheritance while married, you could be assessing whether that financial gain will be subject to distribution. This question can even arise when the financial inheritance was obtained prior to the legal union.
Questions about how assets will be handled in the event of a Pennsylvania divorce can be answered by a Bucks County family attorney. It is possible you will be able to retain your inheritance. Share your future goals with a lawyer today to strategize the best path forward given the details of your situation.
Marital Property in the State of Pennsylvania
In Pennsylvania, inheritance is not typically considered marital property. For this reason, they are not usually subject to equitable distribution during a divorce. Instead, the inheritance is separate property. Equitable distribution does not apply to separate property when a marriage is dissolved.
Naturally, there are times when an inheritance becomes part of marital assets, this is sometimes referred to as an asset becoming commingled. This could happen if assets from an inheritance are placed into a joint account, an account that carries the names of both individuals. Or, if the other person’s name is added to the asset. This could happen with property, for example. If someone inherits property and it is solely in their name, that is one situation. But if they choose to add their spouse’s name to the title, it could be subject to equitable distribution.
Support Payments and Inherited Assets
It is also important to note that inheritances can impact the level of support payments. For example, if a person has income that is directly from inherited assets, those funds can be used when determining a support payment amount. This could mean that while a person retains an inheritance, the distributions from that inheritance qualify as income connected to support determinations.
For individuals who are unsure what to do when they receive an inheritance, it could be best for you to keep the asset separate. When the assets are in a separate account under solely your name, or it is proper with only your name on the title, the inheritance will not be subject to equitable distribution.
When it comes time to separate and divorce in the state of Pennsylvania, it is essential to understand there are a range of Pennsylvania laws to follow. Talk over your situation with a Bucks County family attorney in order to fully understand the impact a divorce will have on your personal financial situation. Securing the future you want could rely on working with an experienced lawyer.
Are you concerned about how your inheritance will be handled should you choose to move forward with a divorce? The family law attorneys at Kardos, Rickles & Hand help to untangle complicated matters and inform you of your options. Our dedicated legal team understands the finer points of family law. There are opportunities to create the life you want. Schedule your consultation today, call 215-968-6602.