Beginning a divorce can be a challenging process. There are emotional considerations as well as legal and financial ones. One thing people on the verge of divorce often wonder is what assets will be divided when they sign the paperwork. They worry about keeping enough resources to build a new life and whether property given to them as an inheritance would be divided as well. These inherited assets could be why a person feels safe enough to begin the divorce process, so it can feel incredibly important to know they’re protected.
The best thing you can do to ease your mind is to understand the legal distinction between marital property and separate property in Ohio. Today’s article will give you details on the property separation process for divorce and provide you with ways to keep your inherited assets protected. If you’re living in West Chester, Mason, or Hamilton, Ohio, and are concerned about how your inheritance might be treated during a divorce, call Garretson & Holcomb, LLC today.
Understanding Marital vs. Separate Property in Ohio
In Ohio, property acquired during the marriage is generally considered marital property and is therefore divided between both parties in a divorce. However, there are exceptions to this general rule, especially when it comes to inheritances. Any personal property owned before the marriage, individually inherited by one person during the marriage, or received as a gift from a third party will generally be considered separate property. This means that inherited assets, like houses, cars, or bank accounts, are usually not divided between spouses in a divorce. The only stipulations are that the asset is owned separately and that the marital assets didn’t contribute to its upkeep.
As an example, imagine if Sarah, a Mason, Ohio resident, inherited a vacation home from her grandmother during her marriage. As long as she doesn’t “co-mingle the assets” by adding her spouse’s name to the deed or using marital funds on the property’s upkeep, her grandmother’s vacation home should remain her individual property after the divorce. The key to this decision will be the evidence Sarah can provide that proves the property was intended only for her and that it was kept separate from the assets she shared with her spouse. An experienced Ohio divorce attorney from Garretson & Holcomb, LLC, could help Sarah gather the evidence she needs and present it in a way the court will accept.
How to Protect Your Inheritance in an Ohio Divorce
To protect your inherited property from the asset division process of divorce, you should ensure that any inherited assets are clearly documented and titled only in your name. You should avoid commingling inherited money with marital assets by keeping them in separate bank accounts and never using them for the same purposes. For more protection, you might even consider a prenuptial or postnuptial agreement that specifically addresses how your inheritance should be treated in the event of divorce.
It’s important to note, however, that even if your inheritance is considered separate property, it can still indirectly influence the overall division of assets in a divorce. For example, if you have several expensive personal assets, you might retain fewer marital assets, so the divorce agreement is more balanced. Inheritances may also be considered when determining alimony or child support payments if they contribute significantly to your financial resources.
FAQs about Inheritance and Property Division in an Ohio Divorce
Are inherited assets protected from divorce?
Usually, yes. In Ohio, inherited assets are generally considered separate property and are therefore protected from division during a divorce. However, they must be kept legally separate from all marital assets, which means keeping the property solely in your name and never spending shared income on the property’s upkeep.
How can I make sure my inheritance is protected in a divorce?
To protect your inherited assets from the property division process of divorce, make sure it is kept in your name only. Avoid commingling it with shared marital assets, and consider legal avenues like prenuptial or postnuptial agreements that reinforce the status of separate property.
Is inheritance considered marital property in Ohio?
No. Inheritance is not considered marital property in Ohio as long it is kept separate from any marital assets the couple acquired during the marriage. An Ohio divorce court will require proof that the inheritance was kept separate, and our qualified divorce attorneys at Garretson & Holcomb, LLC can help you acquire and present that evidence effectively.
Call Garretson & Holcomb, LLC, and Protect Your Inheritance from Divorce
Understanding how to protect your inheritance during an Ohio divorce requires careful consideration of the laws that define marital and separate property. By clearly establishing your inheritance as personal property right away and maintaining its legal separation throughout the marriage, you can ensure you always remain the sole owner of your cherished family heirlooms.
If you are considering divorce, speaking with a knowledgeable family law attorney at Garretson & Holcomb, LLC can help you plan your future and put your mind at ease. We have offices in West Chester Township, Mason, and Hamilton, Ohio, ready to help you achieve the best possible outcome for your divorce.
Remember, you’re not alone in this process, and we are legal professionals who can support you through this challenging time. Call the divorce attorneys that can keep your inherited property safe. Call Garretson & Holcomb, LLC at (513) 863-6600 today.
