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Will I keep my inheritance in a gray divorce?

On Behalf of | Mar 3, 2022 | Family Law |

A gray divorce, which is a marriage dissolution that occurs after age 50, can be difficult for many reasons. While the emotional blow caused by this break up can be tremendous, there are very real financial implications, too. If those financial matters are mishandled, then you could end up facing money woes as you head towards retirement.

Addressing inheritances in your gray divorce

One common issue seen in these divorce cases is disputes over inheritances. Many people who are involved in a gray divorce have received significant amounts of money through inheritances from their parents and other loved ones, so the question becomes who gets access to those resources?

Generally speaking, inheritances are considered separate property, meaning that the individual who received the inheritance will keep it and it will not be included in the property division process. There are exceptions, though.

For example, if an inheritance has been comingled with marital funds, then there’s a strong argument to be made that the inheritance was converted into a marital asset and therefore should be equitably divided. An inheritance can also affect how other marital assets are divided and how spousal support is addressed because the inheritance can increase one party’s financial stability post-divorce, thereby reducing his or her need for access to marital assets.

So, the answer to the question above is “it depends on the circumstances of your case.”

Know how to advocate for your needs

 Inheritances are just one aspect of a gray divorce that need to be competently addressed if you hope to retain financial security post-divorce. But facing so many issues can quickly become overwhelming. That’s why it’s oftentimes best to work through these matters with a skilled legal professional who can guide you through the process and advocate on your behalf. If that sounds like something that would be helpful to you, then we encourage you to continue to read our website to see what we have to offer our clients.