Receiving an inheritance from a family member can be an appreciated event for an Atlanta resident. However, if the recipient of the inheritance is married a lot of questions can arise with regard to who owns the property that was acquired and what will happen to it if the recipient and their spouse end their marriage. This post will briefly discuss this somewhat complex property division topic and readers who wish to learn more about it are encouraged to discuss their questions with their divorce and family law attorneys.
For the most part, an inheritance is only owned by the person to whom the inheritance is directed. That is to say, if a person is married and the inheritance they receive is given to them and their spouse in name, then both of the parties to the marriage are owners of the inherited property. However, if the inheritance is only given to a single recipient, despite the fact that they are married that acquired property may be considered the recipient’s separate assets.
Who owns the inheritance will determine what will happen to it in the event of a divorce. If the inheritance is owned by both spouses then it will likely be subject to division in a property settlement negotiation. If, though, it is only owned by one partner and that partner did not comingle the inherited property with assets shared by their spouse then it may retain its separate status during and after a divorce.
Many facts can influence how an inheritance received during a marriage will be classified in terms of marital or separate property. As such, it is important for readers to seek independent counsel on their personal legal questions as this post does not provide legal advice or guidance.