Knowing how inheritances work as property is essential if you live in Pennsylvania and are considering divorce. Pennsylvania law splits marital and nonmarital assets, and inheritances are in a special group.
In Pennsylvania, inheritances are nonmarital assets. This means courts don’t split them in a divorce. However, this protection only works if you separate the inheritance from marital assets. It gets mixed if you put your inheritance in a joint bank account or use it to buy property with your spouse. It may become marital property, and courts might split it during divorce.
Key considerations for inheritance
To keep an inheritance separate, you should keep it in a separate account in your name only. Here are some key points to think about:
- Separate accounts: Keep inheritance money in a separate bank account in your name to avoid mixing it with marital assets.
- Property ownership: Make sure any inherited property, such as real estate, stays in your name only.
- Increased value: While the original inheritance is not subject to division, any increase in value during the marriage may become marital property and require division.
It’s crucial to keep marital and nonmarital assets separate in Pennsylvania divorces. If you keep inheritances apart, you can protect them from being split up with marital property.
Equitable distribution
Pennsylvania uses an equitable distribution model to divide marital assets. In other words, the court takes into account a variety of things, such as:
- The length of the marriage
- Both parties’ income
- The standard of living of both spouses during the marriage
While inheritances are not usually included in this division, the court could include any increase in their value in the property division.
Legal advice
Consider talking to a divorce lawyer to protect an inheritance during a divorce. They can give you advice for your situation. They can help you understand Pennsylvania divorce law and manage your assets according to your wishes.