*Limitations on Free Consultation- Free consultations are limited to one initial consultation per person. The Firm cannot guarantee it will consult with every possible client or evaluate every potential client’s matter. The consultation shall last no longer than 30 minutes and enable the Firm to understand the nature of a potential client’s matter and to inform the potential client if the Firm will consider representing the potential client in connection with the matter.

Inheritances don’t have to be divided in divorce settlements

On Behalf of | Sep 8, 2020 | Divorce

There is no requirement to include a future inheritance in a California divorce settlement. This is because it is generally considered to be separate property that is not subject to property division law. However, you are free to discuss the possibility of dividing it as part of a final settlement if you would like.

You could ask for inheritance money in lieu of receiving other assets

Let’s say that your spouse doesn’t want to part ways with the marital home or money in a retirement account. Instead of spending time and money fighting for a portion of those assets, it may be easier to ask for a portion of the inheritance that he or she expects to receive in the future.

It’s important that you mention in the final settlement documents that you are waiving your right to receive joint assets now in exchange for a lump-sum payment later. Otherwise, the judge may not approve the settlement on the basis that isn’t equitable.

Inheritance money could impact future child support payments

If you have children with your spouse, this person is generally responsible for providing them with financial support. However, if you are plan to receive money from a parent or grandparent in the near future, you may choose to relieve the noncustodial parent of his or her obligation to do so.

If you receive an inheritance, it may be possible for the money to be used to directly or indirectly support your child. For instance, it could be used to buy a home, pay medical expenses or to create a college fund. In some cases, your newfound ability to provide for your child may have an impact on a child custody case, and it may boost your chances of obtaining joint custody rights.