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Find out what might happen to an inheritance in divorce

Many different things have to be divided when you are going through a divorce. Some people worry about what will happen to heirlooms from their family or to an inheritance. The answer to this isn’t always an easy one, but there are some points that can have an impact on how these are handled.

Typically, the assets you are given through an inheritance aren’t subject to the property division laws. They are usually considered separate property for the person to whom it was given.

One thing that has a say in how the inheritance might be handled is the presence of a prenuptial agreement. If the prenup specifies that the inheritance will remain with the person who got it, that is what will happen. If there is a provision that it will be divided, that is what will happen.

When you have an inheritance, another consideration to think about is that you need to keep it fully separated from other assets. This means that it is placed in its own account if applicable.

Placing the inherited items in your spouse’s name, which includes adding him or her to the title or deed of property is another mistake that you can make. Once you do this, you are acknowledging that you are giving part ownership to the asset.

Even under the best of circumstances, it can be difficult to handle the property division aspect of a divorce. When you add inheritances and complex assets into the picture, things can get even more difficult. Finding out the options you have can help make the process easier.

Source: FindLaw, “Inheritance and Divorce,” accessed Nov. 02, 2017

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Attorney Jeffrey H. Jones is held in high regard among peers, clients and judges throughout the Memphis area.

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