There are certain things that we grow to cherish over the years. Sometimes these things are children or pets, and sometimes they’re physical objects like jewelry, art and furniture. Let’s say, for example, that you have a favorite piece of jewelry that you inherited from your great grandmother when you were a little girl. This item probably has tremendous sentimental value for you. Or, maybe you have another piece of jewelry that you inherited from your grandmother shortly after you got married.
Now, let’s say you’re getting a divorce. Will you be able to keep these items, or will you have to give them up during the asset division process?
It’s only natural to be concerned about losing possessions in your divorce process. Fortunately, you don’t have to be overly concerned about inherited items, and items you owned before your divorce. You will need to divide with your spouse all income and debts you accrued during your marriage. You’ll also need to divide things like automobiles, art and other property that you acquired during your marriage. However, you will not need to divide inheritances received during marriage, and you will not need to divide things you owned prior to marriage in most cases.
If you have questions about specific possessions or assets that you’re worried you may need to divide with your spouse, make sure you explore how state marital asset division laws apply to your situation. This will help you better understand your rights and how to defend them in court if necessary. An attorney can provide more information.