The will of a loved one may have left you with a treasured family heirloom or perhaps a monetary inheritance. It was their last gift to you.
In the event you face a divorce, you may worry about what happens to the property you have obtained – including these gifts from your late loved one.
Inheritances are usually separate property
If your loved one specifically left that inheritance to you, then it is indeed yours. This is true whether that inheritance is:
- A certain amount of money bequeathed to you
- A savings account of which you are the beneficiary
- A physical asset or other piece of property
Even if you received this inheritance while you were married, it is still yours. Gifts and inheritances are classified as separate property in North Carolina. While they are separate property, it will be beneficial to have documentation proving the inheritance was left to you, such as account statements or even a copy of your loved one’s will.
Could your ex-spouse potentially have a claim?
There are certain cases when separate property could become marital property. Namely, if you commingle assets. For example, if you received an inheritance but deposited it into your shared bank account, it could then be marital property. In this situation, the funds would likely be divided during the property division process.
If that is not the case, and your inheritance still meets all the qualifications of being separate property, then your ex-spouse does not have a claim. You keep your inheritance.
Property can create confusion – and even conflict – in a divorce. It is important to know what is yours. Even more, it is critical to understand your property rights.