Can you lose inherited property in a divorce?
Can you lose inherited property in a divorce?
Generally, inheritances are not subject to equitable distribution because, by law, inheritances are not considered marital property. Instead, inheritances are treated as separate property belonging to the person who received the inheritance, and therefore may not be divided between the parties in a divorce.
Do I have to tell my ex or the court if I receive a large inheritance?
Answer: Generally, unless there is a court order telling you that you have to make a payment to your ex, you are under no obligation to do so. In other words, your ex could possibly have a claim that if you inherited a large sum of money, you now have more money available for child support or alimony.
Do beneficiaries have to pay taxes on inheritance?
In general, you do not owe income tax on cash you receive as an inheritance—but there is a caveat. If what you receive is not simply cash, but rather is the right to receive money due to the person you’re inheriting from, it’s possible you could owe income tax when you receive the amounts.
Which states are most tax friendly to retirees?
10 Most Tax-Friendly States for Retirees, 2019Arizona. Getty Images. Georgia. Thinkstock. Florida. National Park Service. Mississippi. Loco Steve via Flickr/Creative Commons. Tennessee. Getty Images. South Carolina. Getty Images. Alabama. Getty Images. Delaware. Getty Images.
