Yes, but only in rare circumstances. In Florida, the general rule for inherited assets and family heirlooms in divorce cases is straightforward: these items typically remain the property of the spouse who inherited them. This means that if you inherited your grandmother’s antique ring or received a cash inheritance from your parents, courts usually consider those assets yours alone, not to be divided in a divorce.
However, it’s important to understand that this rule isn’t set in stone. There are situations where courts might consider inherited assets – or a part of them – as marital property.
When is it considered marital property?
Assets you inherit usually remain your personal property, but certain situations can change this status. If you received your inheritance after marriage, it might fall under marital property if you:
- Mix them with shared assets, such as putting inherited money in a joint account
- Use them for family purposes, such as using inherited funds to renovate your shared home
- Put your spouse’s name on the inherited assets, such as adding both your names to the title of an inherited property
- Clearly gave the asset as a gift to the marriage
There may also be disputes if the inherited asset increases in value during your marriage. If it grew just because of the market – like a house becoming more valuable over time – that increase is usually still yours. However, if the value increases because of work or money you and your spouse put in, that increase is subject to division.
Take note that every divorce is different, and courts look at many factors when deciding how to handle inherited assets. It’s wise to consult with an attorney to understand how your specific circumstances might affect the treatment of inherited assets in your divorce.
Clarity is crucial
Florida law is clear on how it handles inherited assets in divorce. However, every situation is unique, and there can be exceptions to the rule. If you’re feeling uncertain or confused about the fate of your assets, it’s wise to seek legal counsel.