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Castle Rock Divorce Lawyer for Inheritances and Family Trusts

Columbine divorce lawyer for family wealth protection

Attorney Helping Protect Family Wealth in High Net Worth Divorce Cases in Douglas County and Jefferson County

There are multiple different financial concerns that spouses must address during the divorce process, and in high net worth divorce cases, these issues can become very complicated. When determining how to divide assets and debts, spouses who come from wealthy families may need to consider some unique concerns related to inheritance rights and family trusts. An experienced family law attorney can provide invaluable legal help in these matters, ensuring that financial concerns will be addressed properly as spouses work to reach an amicable resolution to their divorce.

If you need to resolve matters related to family wealth, valuable assets, or other complex financial issues during your divorce, Pesch Law Office PC can provide you with dedicated legal representation. We will make sure you understand your rights while advising you on how you can reach agreements that will meet your needs. While financial issues can sometimes be difficult to resolve, we will work with you to find "win-win" solutions that are satisfactory for both parties. However, if you are unable to come to an agreement, we are fully prepared to advocate on your behalf when settling matters through litigation.

Divorce and Inheritances

While marital property will need to be divided fairly and equitably between divorcing spouses, certain assets may be considered separate property and are treated differently when considering an allocation of the marital estate. Inheritances received by one spouse or other property acquired by "gift, bequest, devise, or descent" are not considered to be marital property. Such assets are considered the separate property of the individual that received the asset. However, any appreciation on the separate property is deemed marital and can be considered in the final allocation of marital property. The issue in a divorce proceeding is how to determine the value of the appreciation on the separate property. A skilled family law attorney can guide that process. NOTE: any property received in exchange for an inheritance or gift will also be classified as separate property in a divorce case.

In some cases, inheritances may become "commingled" with other property a couple owns together or separately, making it difficult to distinguish between marital property and separate property. For example, if a person received several thousand dollars following a family member's death, and they deposited this amount in a joint bank account that was regularly used by both spouses, these funds may be converted from separate property to marital property, depending on the circumstances.

Divorce and Family Trusts

Assets held in trusts can sometimes present difficulties during the property division process. Since the assets are owned by the trust rather than either spouse, determining whether they are part of the marital estate will often depend on the type of trust, as well as the trust's terms. Revocable trusts created by the spouses during a couple's marriage will usually be considered marital property, unless one spouse's separate assets were used to fund a trust. An irrevocable trust will typically not be affected by a couple's divorce, unless the terms of the trust addressed this situation.

If a spouse is the beneficiary of a trust created by a family member, the core assets in the trust will usually not be considered to be part of the marital estate. Assets received through the trust will be considered to be gifts or inheritances, making them separate property. However, if a spouse has received regular distributions from a trust and expects to continue to receive distributions after getting divorced, this may be considered a form of income that will be factored into calculations of child support or spousal support.

Contact Our Littleton High Net Worth Divorce Attorney

By understanding your rights regarding family wealth, including trusts and inheritances, you can make the right decisions to ensure that you will have the financial resources you need following your divorce. At Pesch Law Office PC, we can address your concerns about these matters while helping you negotiate a divorce settlement that will meet your needs. Contact us today at 303-567-7922 to learn more about how we can help with your case. We represent spouses in high asset divorce cases in Denver and the surrounding metro area, including Broomfield County, Castle Rock, Columbine, Douglas County, Boulder, Littleton, Jefferson County, Golden, Weld County, Boulder County, Arapahoe County, and Highlands Ranch.

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