Mississippi law requires that martial property be divided fairly between spouses. That can be a difficult outcome to achieve when spouses can’t get along and they each want to fight for what they think is their fair share of the marital estate, but it can become an especially heated issue when inheritances are involved. If you’ve received a large inheritance from a loved one, then you probably don’t want a significant portion of it to be snatched up by your spouse.
So, how are inheritances handled in Mississippi divorces?
Fortunately, inheritances are presumed to be individually owned property, meaning that they will remain outside of the property division process. That said, there are some exceptions. If you’ve comingled your inheritance with marital funds or used the inheritance to further a marital interest, then a court could deem the inheritance converted to marital property and thus subject to division.
There are several examples of how an inheritance can be transformed into marital property. Depositing your inheritance into a marital account that is then used to pay for marital bills could render those funds marital in nature. The same is true if you use your inheritance to support a family business or to make repairs or renovations to the family home. So, if you’ve received an inheritance, you need to be careful with how you handle it.
Protect your interest during the property division process in your divorce
Mishandled property division can put you in a dire financial predicament post-divorce. You don’t want that, which is why now is the time to develop a sound property division legal strategy. By doing so, you’ll hopefully come out the other side of your divorce with the strong financial footing that you need and deserve.