A house was inherited and will be sold showing a $60,000 profit. Is this a joint asset?
2006-10-26 04:40:41 · 8 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce
If you obtained the inheritance when you were married and there is no pre-nup or clause in your pre-nup ( assuming that you were expecting this inheritance). Yes it is joint.
2006-10-26 04:43:26 · answer #1 · answered by Me, again 6 · 0⤊ 0⤋
Inheritance is not a marital asset per se. It is how it is used AFTER it is inherited that determines whether it is joint property or not. For instance, if you inherited a home and you and your spouse chose to live in it, it becomes marital property (the primary home is marital property no matter whose name is on the deed). Any funds placed in a joint account is marital property. Doesn't matter whether it was taken out or not. "As long as the inheritance has not been used for the common benefit of both you and your spouse during marriage, it should remain in your possession after a divorce. " I know it's probably too little too late, but when you get a substantial inheritance (and lets face it, a house counts), you should consult a lawyer. For instance, in my state, if you inherit a house, you can put it into a trust with a quit claim deed that makes it separate property. Just a quit claim deed or keeping it in your name only is insufficient.
2016-05-21 22:19:02 · answer #2 · answered by ? 4 · 0⤊ 0⤋
It all depends on when the property was acquired. If it was aquired before the marriage then it is not joint.
Marital property is defined as any assets or liabilities acquired during the marriage by the efforts of one or both parties. The name under which property is held is irrelevant. Property owned prior to a marriage is considered non-marital property, as are gifts to a spouse from persons outside the marriage, or property excluded from the marriage by a valid pre-nuptial or post-nuptial agreement. Non-marital property is not subject to an equitable distribution.
2006-10-26 04:45:06 · answer #3 · answered by roxy 5 · 0⤊ 0⤋
I know that in Texas it is not- my grandpa gave my aunts husband his 1958 oldsmobile when he passed, well, about 4 years later, my aunt and uncle divorced and he got the car, even though it was part of OUR family....
But he also didn't sell the car- I think if the house is sold after the divorce, then no it is not joint- but I'm not sure if you sell it before- plus it depends on the state you live in.
2006-10-26 04:45:27 · answer #4 · answered by confused 2 · 0⤊ 0⤋
Welcome to Florida !!
Its a joint property state... If you were married, when you inherited the joint then she gets half the "Assets". If you got the goodies after the divorce.....it's all yours .... If you got the place prior to the marrige it would depend on your "pre-marital" agreement ....you know whats your is yours and whats mine is mine kinda thing .....
Then it falls into the realm of Lawyer land ....good luck then.
Happy Trails.
2006-10-26 04:45:42 · answer #5 · answered by John 7 · 0⤊ 0⤋
I don't know about Florida, but in California, if you get an inheritance, that is yours and not part of the divorce.
2006-10-26 04:42:49 · answer #6 · answered by nursejuley 1 · 0⤊ 0⤋
No its the person who was related to the deceased money not joint I live in florida
2006-10-26 04:45:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes and no
2006-10-26 04:42:12 · answer #8 · answered by Juleette 6 · 0⤊ 1⤋