When facing the end of a marriage, it might not always be easy to predict the types of challenges you may encounter or to know how the outcome of the situation might affect your future. A similar life change could leave you facing various difficult decisions, and there could be numerous complex topics to address along the way.
If you received an inheritance prior to or during your marriage, you might be uncertain of whether this asset will be subject to the process of property division. While an inheritance listed under your name only might remain a separate asset through this process, there are some situations in which an inheritance might lose its separate identity.
Factors to address
It may be understandable to have concerns about the role an inheritance might play during the end of your marriage. Some examples of factors to address regarding similar assets may include:
- Marital or separate: While inheritances may typically be separate property, there are some scenarios in which such assets could lose their separate identity and become marital wealth.
- Comingling of assets: Understanding how separate assets may become comingled with marital wealth could be helpful to finding ways to mitigate risks and keep similar issues at bay.
- Existing agreement: Prenuptial and postnuptial agreements can include terms that depict how to handle assets such as inheritances in a divorce. Reviewing any existing agreements may be integral to preparing for the process.
- Thorough records: It could also be beneficial to keep thorough records of assets obtained via inheritances or gifts, as this information may prove vital to helping you prepare to protect your interests.
Seeking insight on Colorado state divorce laws and how these might apply to your situation may also prove essential to helping you understand what to expect from the subsequent process.
Understanding your options
With numerous topics to address and a great deal on the line, preparing to protect your future at the end of your marriage can seem a daunting task. Fortunately, this isn’t something you must face alone, and it could be helpful to consider seeking advice on what to expect from this process and in addressing all your available options. Such a decision could prove integral to helping you develop a strategy to seek the best outcome achievable regarding your future and prepare to enter life after divorce with serenity.