If you are considering getting divorced, one of the first thoughts that would pop up in your mind is whether you would have to share your inheritance with your ex-spouse. An inheritance is a piece of property that usually has sentiments attached to it. Therefore, inheritances are often protected properties that people do not like sharing with others.
In marriages, the couple owns any property bought after their marriage. This means that even if you buy a vehicle with only your money, your spouse owns it too. Understanding how inheritance distribution works is important if you are going through a divorce. Consult with a Foothill Ranch Divorce Attorney today.
What are the property division laws in Colorado?
The property division laws in Colorado state that a divorce will distribute marital property in an equitable manner instead of equal. This means that each party will get what they need instead of distributing the assets in equal amounts. If one spouse is significantly more financially poor than the other, then the court may give the poorer spouse a greater portion of the assets.
How can a spouse take my inherited property during a divorce?
Your spouse can take your inherited property during a divorce if you have commingled that property with your marital property. Upon your divorce, the law divides your marital property between you and your spouse. You can discuss privately which property you wish to keep and what you want to give away. However, if you cannot arrive at a conclusion, you can take your case to court in Foothill Ranch.
In court, you lose control of making decisions. The court will then decide which property should be given to which spouse. They may also include your inheritance in your spouse’s share, and you would not be able to do anything about it except filing an appeal anxnr .
How to protect your inheritances?
If your family has passed on a property to you in the form of inheritance and you wish to protect it, you can do so with the help of a prenuptial agreement. Although talking about a prenup before or after your marriage can be a difficult conversation to initiate, it can protect both you and your spouse’s finances in the long run.
A prenuptial agreement outlines which property is marital and which ones are separate, so your inheritance is not shared during a divorce. However, if you are looking for a simpler way to protect your assets, you can simply create a separate bank account.