Divorce can bring about some extremely frustrating and confusing situations, especially when it comes to fair division of assets. When it comes to asset division, few issues are more potentially contentious than the division of inheritance.
The innate emotional elements of an inheritance make the issue a delicate one, but a clearer understanding of the relevant laws can help those going through this tough experience reach fair resolutions. For residents of Kentucky, the solutions can be complicated if they are not well-considered before an inheritance is received.
Inheritances are generally not considered a part of equitable division assets, since inheritance is not classified as marital property. Each state maintains separate states for how inheritances are to be treated in divorce, and in Kentucky, inheritances are not considered subject to equitable division.
However, If an inheritance is received while a couple is married, then the way that the received assets are dealt with may determine how they will be divided in the event of a divorce. If assets are used in a joint way by both spouses, such as by being placed in a joint bank account, then it may forfeit it’s immunity to equitable division. Likewise, if inheritance money is used for things like improvements to an asset that benefits both spouses, like a marital home, then this immunity is likewise forfeited.
Those who are interested in making sure that their inheritance is protected against the unforeseeable may find that the guidance of an experienced Kentucky can help protect their rights to an inheritance that they received during their marriage..
Source: Dowan Law Offices, “Property Division,” accessed Sep. 16, 2016