Do I need to share my inheritance on divorce?

The above is a common question our Family Team are asked, particularly when parties have been separated for a lengthy period. In order to answer the question, we need to consider other factors and the financial positions of both parties.

 

The matrimonial pot and the parties financial circumstances are explored, and the Court will look at whether such can meet the needs of both parties, and the needs of any children of the family. If the matrimonial pot is not sufficient enough to meet needs, the Court will consider other available assets, such as an inheritance, even if received after separation.

If you have received an inheritance during the marriage, the Court will assess whether there has been an intention to share, and if the funds have been mingled. For example; if monies were received into a joint account, were used to purchase a new family car, or to take a family holiday, the Court would deem that the funds have been mingled, and the intention was for such to be used for the benefit of the family.

Alternatively, if funds have been received and have not been shared, but retained in an account in the individuals sole name, then you could argue that the monies should be ringfenced. This would be for the Court to determine.

The Court can also address inheritance received following separation, even if parties have been separated for several years. It is therefore important to obtain legal advice at the earliest opportunity so you can be aware of any risks, as well as the options available to you to protect your current and future financial position.

If you wish to discuss your circumstances, give our friendly team a call on 01270 611106 or 07518 512985 to book an initial,  no obligation appointment today.

This article is not intended to be comprehensive or to provide specific legal advice. It should not be relied upon in the absence of specific advice given in relation to particular circumstances.