November 8, 2013. Inherited or gifted property received by either party prior to or during the course of the marriage is property of that party and is not subject to division except when doing so is inequitable to the other party or to the children of the marriage. Property brought into the marriage by either party (premarital property) is not treated like gifts and inheritances. Rather, those premarital assets are only a factor for the court to consider in an otherwise equitable division.
The legislature recently amended the law to allow for the court to divide all property, except inherited property or gifts receive or expected by one party, equitably between the parties. Future interests in property may be considered, but expectancies or interests arising from inherited or gifted property created under a will or other instrument under which the trustee, trustor, trust protector, or owner has the power to remove the party in question as a beneficiary, shall not be considered.
Check out future blogs for discussions on each type of separate property in depth. You may also contact Goosmann Law at info@goosmannlaw.com or by calling 712.226.4000 for more information on family law matters.