In the state of Tennessee, when a husband and wife divorce they generally split marital property 50/50 as part of the divorce settlement. This means that all property which has been determined by the court to be property which was acquired during the marriage will likely be divided evenly between the divorcing parties. Many people wonder what would happen if one party inherits money from a parent or relative, and whether or not such funds or valuables will also be included in the category of marital property and divided evenly in a divorce. There are a number of factors which may come into play in such a situation.
One of the most important factors relating to the separation of an inheritance during divorce proceedings in Memphis is whether or not the inheritance can be clearly delineated as having only been given to one of the divorcing parties. This means that, for example, if a parent specified in his or her will that only one of the divorcing parties should receive the inheritance, and specifically excludes the other, such a situation may weigh favorably as it relates to the inheritance being not divided.
Another factor which may weigh heavily in the court’s decision is whether or not the inheritance or valuables were used or comingled during the marriage. For example, if the inheritance was used as a down payment on a home, which was subsequently paid for by both husband and wife, it may be difficult, if not impossible, for the court to determine conclusively that the inheritance should be solely the property of the original heir.
A final consideration which may weigh in one go court’s decision includes the length of time which passed between the inheriting of the funds and the filing of the divorce. For example, if funds were inherited just days or weeks before the divorce filing, such a situation many lead to the court ruling that the funds should not be divided. However, in the case in which the funds were inherited and several years passed before the divorce filing, it is far more likely that the court will rule that the inheritance funds are indeed marital property.
