Inheritances: Separate Or Marital Property?
Pennsylvania law establishes that any assets or property acquired before a marriage is considered separate property for the purposes of division. Likewise, any property and assets acquired during a marriage are considered marital property and are subject to division in a divorce. However, inheritances are handled differently.
When you are facing a divorce that involves the potential division of an inheritance, turn to our experienced lawyers at Cognetti & Associates. With more than 100 years of combined experience, we have a vast knowledge of the laws that govern property division and how complex issues are best handled.
If the inheritance, whether it is monetary or property, is in one spouse’s name alone, then it is theirs to keep and is not subject to division. This is true if the inheritance was obtained before the marriage or during the marriage. However, if the inheritance is in both spouses’ names, the situation becomes more complicated.
- The inheritance would need to be assessed and independently valued, so it could be divided as part of the divorce.
- If the inheritance was obtained and accumulated interest or increased in value, the interest or increase in value may be subject to division.
- If an inheritance tax was paid from combined funds of the spouses, there is the potential that the inheritance may then be considered marital property.
There are situations in which special exceptions may apply, and inheritances can be inherently complicated. Therefore, it is especially important to have an attorney on your side who is fluent in the language of the equitable distribution laws in Pennsylvania. Our firm can assess your case and the inheritance in question, and pursue a resolution that is in your best interests.
For additional information or to schedule a consultation about your divorce and inheritance issues, call our Camp Hill office at 717-909-4060 or contact us online.