High Net-Worth Divorce Considerations in Orlando
Orlando is home to many successful professionals, business owners, and individuals who have built and inherited significant wealth. For those going through a divorce, protecting inherited assets is often a top concern. Florida law provides clear guidelines on how inherited wealth is classified and treated in a divorce, but there are also circumstances where inherited assets become subject to division. Whether you are the spouse seeking to protect inherited property or the spouse who believes you have a rightful claim, understanding your legal rights is critical.
As an Orlando high net-worth divorce Attorney, I work with clients on both sides of this issue to ensure their financial interests are protected. I’m Beryl Thompson-McClary, and I handle complex divorce cases throughout Orange County, Florida. If inherited assets are a concern in your divorce, I can guide you through the legal process and help you achieve a fair outcome. Call 1-888-640-2999 to schedule a consultation.
How Florida Law Treats Inherited Wealth in Divorce
Under Florida Statutes § 61.075, Florida follows equitable distribution when dividing assets in a divorce. This means that the court divides marital property fairly, though not necessarily equally. However, inherited assets are generally considered non-marital property, which means they typically belong to the spouse who received the inheritance. There are exceptions to this rule, and in some cases, inherited wealth can become subject to division.
When Inherited Wealth Remains Separate Property
Florida law considers inherited assets separate property when:
- The inheritance was received before or during the marriage and kept separate from marital assets.
- The inherited funds were never deposited into joint bank accounts or commingled with marital money.
- The inherited real estate was kept in the name of the inheriting spouse and not used as the marital home.
- The inherited assets were never used for the benefit of both spouses during the marriage.
If an inheritance is clearly kept separate, the court is likely to classify it as non-marital property, meaning the other spouse has no legal right to claim it in the divorce.
When Inherited Wealth Becomes Subject to Division
While inherited assets are generally protected, they can become marital property in certain situations:
- Commingling of Funds: If the inheriting spouse deposits the inheritance into a joint bank account or uses the funds for joint expenses, the court may consider it marital property.
- Using Inherited Assets for Marital Purposes: If inherited money is used to purchase a family home, pay for household expenses, or fund joint investments, it can lose its separate property status.
- Titling Assets in Both Spouses’ Names: If the inherited property is retitled in both spouses’ names, such as adding a spouse’s name to a deed, it may be considered a marital asset.
- Enhancing the Value of Inherited Property: If the non-inheriting spouse contributes financially or through labor to improve inherited property, they may have a claim to a portion of its increased value.
If you are concerned about whether your inherited wealth will be considered in your divorce, consulting with a high net-worth divorce Attorney in Orlando can help clarify your options.
Protecting Inherited Wealth in a Florida Divorce
If you wish to protect inherited assets in a Florida divorce, there are legal strategies that can help:
- Keep Inherited Funds Separate: If you receive an inheritance, deposit it into an individual account and do not mix it with marital funds.
- Use Trusts for Inherited Wealth: Placing an inheritance in a trust can help protect it from claims in a divorce, as the trust maintains control over the assets.
- Execute a Prenuptial or Postnuptial Agreement: If you expect to receive an inheritance, a legal agreement can define how those assets will be treated in the event of a divorce.
- Avoid Using Inherited Assets for Marital Expenses: Paying for shared expenses or major purchases with inherited funds can put those assets at risk.
- Maintain Clear Documentation: Keeping records of where inherited money was deposited and how it was used can help establish whether it remains non-marital property.
When a Spouse Seeks a Share of Inherited Wealth
If you are the non-inheriting spouse and believe you have a claim to your spouse’s inherited assets, there are legal arguments that may support your position:
- Proving Commingling: If inherited funds were used in a joint account or for marital purchases, they may be subject to division.
- Demonstrating Contributions to Inherited Property: If you helped maintain, renovate, or improve inherited real estate, you may have a claim to its increased value.
- Establishing Dependency on Inherited Wealth: If your standard of living was supported by inherited funds, it could impact spousal support and equitable distribution decisions.
If you are seeking a fair share of inherited assets in your divorce, working with an Orlando high net-worth divorce Attorney can help protect your financial future.
FAQs About Protecting Inherited Wealth in Florida Divorce
Can an inheritance be split in a Florida divorce?
Florida law generally classifies inheritances as non-marital property, meaning they are not subject to division. However, if the inheritance was commingled with marital assets or used for shared expenses, it may become subject to equitable distribution.
How can I prove my inheritance is separate property?
You can provide bank statements, trust documents, wills, or estate documents that show the inheritance was left solely to you and was not mixed with marital assets.
What if I used my inheritance to buy a home with my spouse?
If you used inherited funds to purchase a jointly owned home, the court may consider the inheritance as marital property, and your spouse may have a claim to its value.
Does putting inherited money in a joint account make it marital property?
Yes, depositing inherited funds into a joint account may be considered commingling, which can turn the inheritance into a marital asset.
Can a prenuptial agreement protect an inheritance?
Yes, a prenuptial or postnuptial agreement can specify that any inheritance received during the marriage remains separate property, regardless of how it is used.
What if my spouse helped maintain or improve my inherited property?
If your spouse contributed to maintaining or enhancing the value of an inherited property, they may have a claim to part of its increased value.
How does a trust help protect inherited assets?
If an inheritance is placed in a properly structured trust, it remains under the control of the trust rather than becoming part of marital property.
Can I protect my inheritance if I expect to receive one in the future?
Yes, planning ahead with a prenuptial agreement or a trust can help protect future inheritances from becoming marital property.
Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For A Consultation
Divorces involving significant inherited assets require careful legal handling to ensure a fair outcome. Whether you are seeking to protect an inheritance or claim a rightful share, I can provide the legal representation you need. Call 1-888-640-2999 to schedule a consultation and discuss your options.
Beryl Thompson-McClary
Address: 390 N Orange Ave #2300, Orlando, FL 32801, United States
Hours: Open
Phone: 1-888-640-2999
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