Part of the Texas divorce process is dividing the assets and debts of the couple in an equitable way. As a community property state, Texas requires the fair and just division of all jointly owned property. Although it sounds simple, identifying property that is community property (jointly owned) and separate property (owned by only one of the spouses) can be complicated. Inheritances are an example of the need to be cautious during property division. Is the inheritance separate or is it community property?
7 Tips for Keeping Your Inheritance Separate
An inheritance received by one party before or during a marriage is technically a separate asset. But the recipient of the inheritance must take steps to keep the inheritance truly separate. Otherwise, it could easily become commingled and subject to division as community property during a divorce.
If you inherit money or other property that you wish to keep as separate property, you should follow these seven tips.
Even if you have done any of these things, you may still be able to prove that the money is separate property. But it could be more difficult, and you could find yourself needing to divide your inheritance in the event of divorce.
Learn More About Inheritance and Divorce
If you are considering divorce and are wondering how the court will view your inheritance, talk with a knowledgeable Texas family lawyer today. An experienced attorney can help you learn how you can best protect your inheritance. Jill and John Setzer serve families throughout Tarrant County from their offices in Colleyville, and Trophy Club, Texas.