How to Keep Your Inherited Property in a Divorce
A family member passed away but left your property as part of the inheritance. And if it was always understood, during your union that the property was intended for you personally, you’re concerned that your partner could want a piece of the house now that divorce is on the horizon.
Whether you’ve inherited farmland, a second house, or pine trees, a divorce court will follow the same investigation in determining whether you’ll keep your inherited property in a divorce.
The court might want to work out:
Is the home marital in nature, or is it really your alone? In case the house is non-marital, then does your partner have any sort of equity or fair demand based on her own contributions to the house throughout the marriage?
Is recurring and routine income derived from the property that increases your income level?
Back in Florida divorces property is fairly divided between the parties. Non-marital property is given exclusively to the single owner and doesn’t affect the fair division of the other possessions.
In case the property is married, you may still likely keep, possession of the house, however, you’ll have to purchase out your partner for fair value. In case the house is non-marital, not only do you keep possession of the house, but you also don’t have to purchase out your partner, as the house is yours alone.
In case the house is non-marital, does your partner have a fairness, claim? If you did upkeep on your non-marital home with marital money throughout the marriage, it would not be fair to the partner if we didn’t understand her contribution to the property.
On the flip side contributions to upkeep shouldn’t be sufficient to change the nature of the house from marital to non-marital.
A floor is to recognize that the improvement of the value of the house due to the maintenance of conjugal money is a marital asset, marital or interest, in and of itself.
So with that background, here’s we suggest our customers do to safeguard their non-marital property out of claims from their partner in divorce:
KEEP SEPARATE ACCOUNTS
Keep. It. Separate.
In Florida, your intent with the house is crucial.
If it looks like you intended to share the house with your partner, then the court may well discover the property marital, and give your partner a share.
We predict this cosign of the assets.
Keep all accounts that relate to the property separate.
Do not Pay Debt Associated with the Inheritance with Marital Money. Along the same vein, do not pay any debt associated with the inherited property with marital money.
This debt may be a mortgage, real estate taxes, insurance, or investment to the house to increase its value.
In the end, even if you’re currently pushing marital money in your asset, it could just be fair for your partner to acquire a few of the benefits.
Rather, utilize non-marital sources of cash to pay down debt associated with your inherited land to defend it from a claim from your spouse.
CONSIDER A POST NUPTIAL AGREEMENT
Florida is a contract state. Outside of a couple of notable exceptions, a postnuptial agreement is a contract that may delineate and shield your inheritance from your spouse.
Consult with a law firm that handles postnuptial arrangements to discuss utilizing a contract during your union to defend your property that is inherited should you or your spouse divorce from the future.
GATHER GIFT AND ESTATE TAX RETURNS TO Give PROOF THAT YOUR INHERITANCE IS MEANT ONLY FOR YOU
In case the inheritance has moved to you, the real estate of a family member who abandoned it to you may have registered an estate or present tax return. Get a tax return like it’ll show that the intention is the inherited land is yours.
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Original Source:- How to Protect Your Inheritance From Your Spouse