Divorce can raise a whole host of issues that the parties may not have even been aware would come into play. Sure, child custody, child support and alimony must all be discussed, and so, too, must property division, but the components of each of these larger issues can be extremely detailed and complicated. Yet, this does not diminish their importance. In fact, those who do not adequately address every aspect of their divorce may find themselves at a financial and emotional disadvantage moving forward. Ohio residents who are thinking about divorce should be sure to carefully assess their situation and analyze how every issue can be addressed.
One matter that often arises in divorces is that of inheritance. For example, if a wife's parents pass away and she inherits a significant amount of money during the course of her marriage, is that money subject to property division in the course of divorce? It depends on the circumstances.
Although individual inheritance is typically thought of as separate property and immune to equitable division in divorce, this may not be the case if the funds have been commingled. Essentially, if the inherited money is mixed with the couple's co-owned money, then the separate, inherited money becomes impossible to identify and its separate identity may be lost. Therefore, those who inherit money during the course of their marriage should be careful with what they do with it so that they can, hopefully, better protect themselves in the event of divorce.
This is merely a fraction of the issues that can arise in the course of property division, not to mention those problems that might arise with regard to child custody, child support and spousal support. Preparation is crucial.
Source: FindLaw, "Inheritance and Divorce," accessed on Feb. 13, 2016