Can I Keep My Inheritance In A Florida Divorce?
Divorce can be an emotionally and financially turbulent time, raising numerous questions about how assets will be divided. One frequently asked question among residents of Tampa, Florida, concerns inheritances: “Can I keep my inheritance in a Florida divorce?” Understanding the legal system can help alleviate some of the stress and confusion that comes with this life-altering event.
Florida’s Equitable Distribution Law
Florida follows the principle of equitable distribution when it comes to dividing marital property in a divorce. This does not necessarily mean an equal 50/50 split; rather, assets are divided in a manner that is deemed fair by the court. However, inheritances can fall under different categories when it comes to divorce proceedings.
According to Florida law, inheritances are typically considered non-marital assets, meaning they belong solely to the spouse who received them. This principle is established under Florida Statutes Section 61.075.
Keeping Your Inheritance Separate
While the law might protect your inheritance as a non-marital asset, it is important to keep it separate from marital assets. Mixing or commingling your inheritance with joint assets can cause complications. Here are some pointers:
- Maintain a separate bank account for your inheritance money.
- Avoid using inheritance money to pay for marital expenses or joint purchases.
- Document all transactions involving your inheritance to establish a clear boundary between marital and non-marital assets.
Commingling Assets: A Risk to Your Inheritance
When you mix your inheritance with marital assets, such as depositing inheritance money into a joint account, the distinction between personal and marital property can become blurred. In such cases, your spouse might claim a portion of your inheritance during the divorce proceedings.
Understanding how commingling works can protect your inheritance:
- Depositing into Joint Accounts: Avoid adding inheritance money into joint bank accounts.
- Joint Investments: Keep inherited investments separate from jointly-owned assets.
- Property Acquisitions: If you use inheritance funds to buy property, avoid titling it in both spouses’ names.
Transmutation of Assets
Another risk to your inheritance is transmutation — the process by which separate property becomes marital property through commingling or other actions. Courts consider several factors to determine whether transmutation has occurred:
- The intention behind commingling.
- Accounts and property titles.
- The use of the inheritance by both spouses.
Documentation: Your Best Defense
Proper documentation can go a long way in protecting your inheritance. Ensure you have records of the following:
- Source of the inheritance (e.g., will or trust documentation).
- Transactions involving deposits, investments, and purchases made using inheritance money.
- Correspondence (like emails or letters) specifically indicating that funds are intended to remain separate.
Consult a Tampa Family Lawyer
Given the complexities surrounding inheritances and asset division, seeking legal advice is often a prudent step. Consulting an experienced Tampa family lawyer can provide you with insights specific to your situation and help you get through the intricacies of divorce law in Florida.
FAQs
| Question | Answer |
|---|---|
| Is my inheritance considered marital property? | Generally, no. Inheritances are usually considered non-marital property in Florida. |
| What happens if I commingle my inheritance with marital assets? | Commingling can make your inheritance subject to division during a divorce. |
| Do I need to keep records of my inheritance? | Yes. Proper documentation can protect your inheritance from being considered marital property. |
Local Resources in Tampa
| Resource | Contact Information |
|---|---|
| Hillsborough County Courthouse | hillsclerk.com |
| Tampa Bar Association | hillsbar.com |
| Mindi Lasley, P.A. | lasleyfamilylaw.com |
Why Choose Mindi Lasley, P.A.?
At Mindi Lasley, P.A., we understand the unique challenges of dividing assets during a divorce. With years of expertise in family law and divorce cases in Tampa, Florida, we are well-equipped to protect your rights and interests. Our compassionate team is dedicated to providing personalized service to ensure that you get a fair outcome. Contact us today at (813) 873-9047.