Have a question? Call us on 01625 503 444
Have a question? Call us on 01625 503 444
This article was published on October 3rd, 2023
The decision to get a divorce is always a difficult one with a lot of complexities involved, both emotionally and legally. Whilst most people are aware of the immediate consequences, such as the division of assets and spousal support, what is often overlooked is how divorce can affect your inheritance. In this blog, our expert solicitors will delve into everything you need to know about divorce and inheritance.
Inheritances typically come in the form of assets, money, or property left to you by a family member, often outlined in a will or trust. In most cases, if these assets are set out clearly, they are considered separate property and are not subject to division during a divorce. However, this is not always the case and there are circumstances where it becomes more complicated, let’s take a look…
One way your inheritance may be affected by divorce is through intermingling. This occurs when you combine your inherited assets with marital assets. For example, if you have received a substantial inheritance and you have decided to pay off part of your mortgage with it, or perhaps you have deposited into a joint bank account it can become challenging to distinguish which funds should remain separate property in the event of a divorce.
Another important consideration is whether the inheritance was intended solely for you or for you and your spouse. If the inherited assets were explicitly gifted to you alone, they are more likely to be protected as separate property during a divorce. However, if the gift was intended for both you and your spouse, it could be subject to division.
The impact of divorce on your inheritance can also depend on the laws of your jurisdiction and the specific circumstances of your case. Thorneycroft Solicitors can help you navigate these complexities and ensure that your rights are protected throughout the divorce process.
If you’re facing the possibility of divorce and want to protect your inheritance, there are several steps you can take to safeguard those assets, including:
Maintain Separate Accounts: Keep your inherited assets in a separate bank or investment account that is not mixed with marital funds. This separation helps establish a clear distinction between your inheritance and joint assets acquired during the marriage.
Document Everything: Maintain detailed records of your inheritance. This documentation should include the source of the inheritance, the date you received it, and any related correspondence, such as wills or gift documents. Clear documentation can help prove that the inheritance is a separate property.
Create a Trust: Setting up a trust can be an effective way to protect your inheritance. By placing your inherited assets in a trust, you can specify how they should be managed and distributed, ensuring they remain separate from marital property.
Update Your Will and Estate Plan: Review and update your will and estate plan to reflect your current intentions regarding the inheritance. Specify how you want these assets to be distributed in the event of your death or divorce.
Consult with Legal Experts: Seek legal advice from experienced family law solicitors. Here at Thorneycroft Solicitors, our experts can provide personalised guidance based on your specific situation and jurisdictional laws.
Whether you’re recently married and you’d like to chat through the best way to protect your inheritance in the long term, or you’re considering a divorce and seeking legal advice, we’re here to help.
Our family solicitors have a deep understanding of the complexities of this area of law and can assist you with a solution tailored to your situation. We believe that your inheritance deserves protection.
For more information about how we can help, give us a call at 01625 503 444 or fill out our simple enquiry form and we will arrange a call at a time that best suits you.
