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Plan your actions for inheritances carefully

An inheritance is something that a family member usually chooses to leave to one person. This type of situation is something that must be planned for carefully, especially if you are married. How you handle the assets that you are given as the inheritance can have an impact on how they are classified if you end up getting a divorce.

One thing to remember is that inheritance assets shouldn't ever be comingled with marital assets unless you intend to split the assets with your spouse. This includes using the marital funds or other assets for the upkeep of the inherited assets. If the inheritance is money, it is a bit easier to keep everything separated because you can simply keep it out of the marital accounts.

If you received the inheritance prior to your marriage or know that you will receive one after your wedding, you can include the inheritance in the prenuptial agreement. This is something that should be handled very carefully because the wording and terms must be in accordance with Indiana law.

There is also the possibility of having the person who is leaving you an inheritance specifically state that the inheritance is for your use and isn't meant to be shared. This could have an impact on how the inheritance is handled in a divorce.

For people who are already in the midst of a divorce and trying to determine what will happen with an inheritance, it might be necessary to use the property division process to work toward keeping family heirlooms and other inheritances with you. This can be challenging, but you might be able to work something out with your ex so you can hang on to the inheritances near to your heart.

Source: FindLaw, "Inheritance and Divorce," accessed Oct. 06, 2017

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