The O'Neil Law Firm, P.C.
  • Home
  • Practice Areas
    • Family Law
    • Personal Injury
  • About
    • Attorney
  • Blog
  • Contact
Select Page

How inheritances and gifts may be protected in divorce

by The O'Neil Law Firm, P.C. | Sep 2, 2014 | Firm News, Property Division

In Connecticut, couples who are getting a divorce must also divide their marital assets. However, if one individual has received an inheritance or gift from a family member, it may be unclear whether that will be divided between the two as well.

The first question regarding the gift is whether or not it is a gift or a loan. Sometimes, a couple may receive a loan that they do not use immediately, and this may appear to be a gift. It is best to be sure that any significant gift or loan includes paperwork explaining whether the asset is a gift or a loan and the terms of any loan.

However, neither an inheritance nor a gift will be considered as marital property if it has been kept separate from other marital property. In other words, if an individual inherited $10,000 and placed it into a joint savings account, that would be considered marital property. If that individual kept the money in their own savings account, it would be considered separate property. Other assets that would be considered separate property in these circumstances include property owned before the marriage or after the separation, payments from certain types of lawsuits and property specified in agreements between the two spouses.

Since Connecticut is an equitable distribution state, property division is done in a fair and equitable way, but this does not mean property will be split in half as it would be in a community property state. Therefore, even if an individual had an inheritance in a joint account, it might not be exactly split between the two. Individuals wishing to preserve their inheritance in a similar situation may wish to speak with a family law attorney.

Source: Forbes , “Divorcing Women: Here’s How to Protect Your Inheritances And Gifts“, Jeff Landers, August 19, 2014

Recent Posts

  • Ensure your child support keeps up with supporting your child
  • Essential elements of a parenting plan
  • 3 safety tips for motorcyclists
  • Getting into the Connecticut winter-driving mindset
  • Changing your child support order in Connecticut

Archives

  • November 2019
  • October 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013

Categories

  • Alimony
  • Car Accidents
  • Child Custody
  • Child Support
  • Firm News
  • High Asset Divorce
  • Personal Injury
  • Property Division

RSS Feed

Subscribe To This Blog’s Feed

How Can We Help You

97 Oak Street, Suite 100
Hartford, CT 06106

Toll Free: 866-942-5898

Phone: 860-967-0839

Fax: 860-247-3468

Map & Directions

© 2019 The O'Neil Law Firm, P.C.. All Rights Reserved.

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters

Review Us
  • Follow
  • Follow
  • Follow