We recently published an article on marital property which is essentially property acquired as a direct result of the labor and investments of the parties during the marriage. This issue of determining whether the other spouse has a right to property is highly litigated during divorce proceedings. One of the categories of assets potentially at issue during a divorce are inheritances.
In the state of Georgia property acquired during the marriage by either party by gift, bequest, devise or inheritance remains the separate property of the party that acquired it and is not subject to equitable division. Although this is a general rule there are instances where 1) inherited assets have been comingled in with other marital assets that are subject to equitable division and 2) the inherited asset has appreciated in value due to the efforts of the other spouse.
It is natural for couples to combine assets in an effort to maintain and advance the household. To that end it is not difficult to see how commingling inherited funds could create issues down the road in the event of a divorce. For instance, an inherited monetary amount that is deposited into a joint bank account for the benefit of the household could expose those inherited funds at risk of being divided amongst the parties pursuant to equitable division. However, it is important to note that not all cases are the same and should be considered on their own merits. Many of these issues are determined by the individual set of facts, the lawyers advocating and the judge making the ruling. Therefore, it is important to seek the advice of an experienced divorce attorney. The Faucette Law Firm represents clients in all family law and divorce related matters in Douglasville and the Metro Atlanta area. We handle contested and uncontested divorce cases, child support, child custody, modifications, alimony and adoptions. Contact our law firm today for a consultation.