Divorce is not an easy process. It involves emotional pain, stress, and financial implications. When couples decide to separate, they have to face the division of property and assets. Inheritances can complicate this matter further, and it is essential to understand how they are treated in a Kentucky divorce case. In this article, we will discuss the laws and regulations regarding inheritance and divorce in Kentucky.
Understanding the Difference between Marital and Separate Property
Kentucky follows the equitable distribution principle in divorce cases. This means that the court divides the couple’s property between them in a fair and just way, but not necessarily in an equal way. Before dividing the property, the court distinguishes it as marital or separate property.
Marital property includes assets and income that the couple acquired during their marriage. Separate property, on the other hand, includes assets or income that one spouse owned before the marriage, inherited during the marriage, or received as a gift or bequest from a third party.
How Inheritances Are Treated in A Kentucky Divorce
Inheritances are usually considered separate property in Kentucky. If one spouse receives an inheritance during the marriage, it is their separate property unless they commingled it with the marital property. Commingling means mixing the inheritance with the marital assets, losing its separate identity.
For example, if a wife inherited $50,000 and deposited it into a joint bank account that the couple used to pay bills and expenses, the inheritance is no longer separate property. The court would consider it as marital property and divide it according to the equitable distribution principle.
However, if the wife kept the inheritance in a separate account, the court would likely recognize it as separate property and exclude it from the property division.
Inheritances sometimes have complex issues like trusts, property sold and proceeds held in escrow until a certain condition is met, or a family business passed down. In these cases, it is best to seek legal advice from an experienced Kentucky divorce attorney.
Preventing an Inheritance from Becoming Marital Property
Individuals can take measures to ensure that their inheritance remains separate property, such as:
Keeping the inheritance in a separate account and not using it for marital expenses.
Making a prenuptial or postnuptial agreement that includes the inheritance in the list of separate property.
Not commingling the separate property with marital property.
What Impact Can Inheritances Have on Maintenance or Child Support?
A Kentucky court considers several factors when determining child support obligations or spousal support payments. Inheritances can affect the court’s decision, but it depends on the circumstances.
If a spouse’s inheritance provides substantial and regular income, the court may use it to calculate the support payments. However, if the inheritance is passive income like rent or dividends, the court may not consider it.
If the spouse who inherited the separate property is the custodial parent of the children, the court may consider their inheritance when deciding the amount of child support to be paid.
Conclusion
Divorce is a complicated and emotionally charged event. Inheritances can make it even more so. Understanding how inheritances are treated in Kentucky divorce cases is essential to protect one’s property rights and financial interests.
Please remember that Kentucky laws regarding property division and support can be complex, and it is best to consult with a knowledgeable attorney who has experience in family law. This helps to ensure that you get the best possible outcome that protects your rights and interests.