Protecting Your Inheritance During A Divorce

If you have received a substantial inheritance and are currently married or are soon-to-be married, you need to understand how divorce might affect your inheritance.

Whether you will have full control over your inheritance depends largely on what you do with it. In Colorado, property is divided equitably in divorce. If you receive an inheritance, that inheritance is what is known as separate property. Separate property is not divisible in divorce; however, depending on how you handle your inheritance, it is possible for it to become marital property.

Commingling Assets

A way that your spouse could lay claim to a part of your inheritance is through what is known as commingling assets. This means that you combine your inheritance assets with your joint marital assets. This usually happens when the inheritor places money from inheritance into a joint checking account, but that’s not the only way assets can be commingled. Commingling also happens when inheritance is used in a joint purchase ”“ for example, using inheritance money to purchase a marital home.

One way to protect your inheritance, or a part of it, is to obtain a postnuptial agreement dictating which part of the inheritance is marital and which is separate. The easiest way to protect your inheritance though, is keeping it in a separate account. Know this, however ”“ if you share a portion of your inheritance, but keep some of it in a separate account to protect it from divorce, the portion you hide away may still be considered marital property. Sharing a portion of your inheritance creates a presumption that you intend to share all of it. If this is not the case, proving that you did not intend to share the whole inheritance is a burden placed on you, the inheritor. This means you must have ways of showing that you did not intend to share the whole thing, such as requiring both parties’ signatures on joint accounts for withdrawals. If you do commingle assets, a divorce lawyer may be able to help you trace back the assets to the original owner, which can help your argument that the property was separate, not marital.

If you have questions about property division and are worried about your inheritance in divorce, discuss your concerns with a Colorado family law attorney.

Who Keeps The Embryos? Colorado Divorcing Couple Spar Over IVF

The question of child custody is a fairly routine one in divorce cases, but definitely not like this.

A case currently pending before the Colorado Court of Appeals pits two parties against one another in a divorce case. The issue? Who gets control of the cryopreserved embryos the couple has left over from in-vitro fertilization?

Mandy and Drake Rooks divorced in 2014. They already had three children, all conceived through in-vitro fertilization. As is usually the case, the couple had a few leftover embryos, which were kept frozen. After the divorce, though, Mandy wanted to use the embryos to have a fourth child, something that she said Drake agreed to during the marriage. Drake, on the other hand, said no. Mandy could not have a fourth child biologically through any other means, because she had no more viable eggs.

This is not the first time such a custody battle has happened. A Michigan couple once underwent a legal battle over five frozen embryos in very similar circumstances. The father did not want more children, while the mother did. The judge ended up ruling in favor of the father, citing that he had a choice of whether or not he wanted more children.

In the Colorado case, the court ruled against Mandy on the basis of consent. Because Drake was unwilling to allow his genetic material to be used for Mandy to have another child, she could not force him. Additionally, the Rooks’ child support agreement stipulated that any child under Mandy’s care would lead to an increase in Drake’s payments, which would be unfair to him if Mandy were to have a child with his genetic material against his consent.

Our Denver divorce lawyers are well-equipped to handle all matters of child custody.

How Do I Split A Joint Account In Divorce?

What’s yours is mine and what’s mine is yours, right? In marriage, tons of assets get commingled for one reason or another ”“ perhaps the couple likes the transparency joint assets afford, or the convenience of only needing one account to pay all of those bills. But what happens when a marriage turns sour, and suddenly the last thing you want is for your name to be appended to an account with your ex? Before you get divorced, you need to shut down that joint account.

Fortunately, the process of closing a joint account is not all that difficult, although the particulars of your relationship may make it so. Here is some advice to get that joint account split as easily as possible.

  1. Before you do anything with your joint account, create a new one in your name only. This is the account you will use for your everyday expenses ”“ try to limit your use of the joint account, and stop using it entirely if possible.
  2. Generally, it’s best for you and your spouse to bite your tongues and shut down the joint accounts together. Some institutions such as banks and credit unions require both parties to be present for an account to be closed.
  3. If you are not on good terms with your ex, you should speak to your lawyer as soon as possible regarding any funds kept in joint accounts, especially if you are afraid that your spouse might empty the account and leave you high and dry. Once the divorce petition is filed by either party, a financial restraining order is entered. This is a court order that prevents either spouse from making any big changes to financial accounts.
  4. If the joint account is associated with any recurring debits or deposits, you should make sure to halt those before your account is closed. You don’t want people coming after you for money or late fees associated with the closed account. And if the account receives a deposit after it is closed, it may be reopened by the institution that holds the account ”“ and then you’re stuck on that joint account again until you go back and close it.

Our Denver divorce attorneys can help you plan for your financial future following divorce.

How Can I Keep My Car during Divorce?

One thing that can be overlooked when preparing or undergoing a divorce is the question of who keeps the car. This can get especially heated in situations where the couple only owns one vehicle, so we’ve taken the time to field some questions about how divorce affects car ownership.

Q: If the car was purchased after our marriage, who gets to keep it?

A: The car is considered marital property and is subject to equitable division of marital assets.

Q: Can I keep my car if the car is in my spouse’s name?

A: Generally speaking, the name on the title does not determine absolute ownership of the car. It could still be considered marital property, especially if purchased during a marriage. If the car is purchased prior to marriage, there could still be a portion of equity in the car that is marital and subject to division. For these situations, it is wise to speak with a divorce attorney as well as your spouse to determine who gets to keep the car. If working this issue out with your ex is going to be contentious, consider divorce mediation.

Q: If both of our names are on the title, how do I get possession of the car?

A: You are probably going to have to work this one out with your spouse, but if he or she refuses to give up the vehicle, you can ask for a court order to take possession of the vehicle. The court will enter an interim order for exclusive rights to certain property. Once a final order of possession is entered, the party not keeping the car will be ordered to sign over the title.

Q: If my spouse bought me a car as a wedding gift, will I have to give it back to him or her?

A: Gifts can be considered separate property and thus not subject to equitable division. However, even if a car is purchased by one party and given to the other party, it can still be considered a marital asset subject to division. Gifts from one spouse to the other during a marriage cannot be presumed to be gifts. There must be an intention and acceptance of the gift as separate property.

Q: We shared a car during our marriage, and I still have a spare key. Is it legal for me to go and take the car?

A: It’s a bad idea. Aside from the legal implications of such an act, especially if your name is not on the title for the car, this could lead to animosity between you and your ex, which is something that you do not need more of during a divorce. If your name is on the title, then you do have an ownership interest; however, it is still best to discuss the car with a divorce attorney rather than taking the car outright. If the court has already given exclusive right to the car to one spouse, the other is not permitted to take the car.

Divorce Matters ”“ Denver Family Law Attorneys