If you inherited property from a deceased family member during a divorce, is that considered marital property because it was acquired while you were married? We take a closer look at how inherited properties may be divided in the event of a divorce.
Dividing Inherited Commercial Property During A Divorce
In general, inherited property is typically considered a separate asset that is not included as part of marital assets, meaning it is generally not subject to the standard 50/50 division.
Of course, there are exceptions to this general rule. One example being if the commercial asset grew in value during the course of the marriage. If you inherited rental properties, a business or hunting land, and the value of those assets grew during the course of your marriage, some of this value increase may be incorporated during asset division. Inherited property may also be subject to some asset division if both parties contributed to maintaining the property or growing the business. Even if you inherited the property and the title remained in your name, if your spouse contributed to the business or aided in property management, part of the value of the asset may be considered during a divorce. A family law professional can provide more clarity based on your specific scenario because no two situations are ever exactly the same.
If you need help removing a former spouse from a title during the process of a divorce, or you want to add your spouse to certain commercial properties, let the team at Commercial Partners assist. For more information, or for help with a different aspect of commercial property acquisition or development, reach out to the team at Commercial Partners today at (612) 337-2470.