Inheritance and Divorce
Is an Inheritance Divisible in an Arkansas Divorce?
The answer to this question isn’t as easy as a simple “yes” or “no.” In the majority of cases, the answer is “no,” but not always. In some cases, money spent out of an inheritance becomes part of the marital estate and becomes divisible in the property settlement. These issues can become quite complex, and it is important that you seek the advice of an experienced family law attorney.
At The Wright Law Firm, I represent clients across the state in a wide variety of complex property division matters. Whether you are the spouse who received the inheritance or not, I provide strong representation to clients on both sides of these issues.
Understanding Your Property Division Rights Regarding Inheritance
The basic rule in Arkansas is that an inheritance, regardless of when it was received, is the sole property of the heir. In cases where inherited funds were used to make home improvements or for a similar purpose, they are considered to be commingled. In some instances, commingled funds can be recovered in a divorce if the source can be verified as coming from the inheritance.
There are also times when inherited funds are not recoverable. If inherited funds were used to buy the other spouse a gift, those funds are not recoverable in a divorce. In addition, if inherited funds were used to pay a marital debt, those funds become part of the marital estate as well.
Seeking the Best Possible Outcome for My Clients
Clearly, both spouses have a strong interest in the decisions that are made with regard to funds from an inheritance. No matter which side of the case you are on, you can rely on me to present the strongest possible argument in support of your position.
Talk to a Little Rock Separate and Marital Property Division Lawyer
To learn more about your property division rights with regard to inheritance and divorce, contact my office today.