If you or your spouse is seeking a divorce and at least one of you has significant assets, including lottery winnings and/or inheritances, it is critical that you obtain a divorce attorney with significant experience in Texas high net worth divorce. You want to make sure your portion of marital property is accurately valuated and determined. Lottery winnings and inheritances can complicate this matter, which is why it is so important to have quality legal representation.
The law firm of Neal Ashmore Family Law Group has more than 200 years of combined experience in family law and divorce. Our complex property division attorneys are known for their unparalleled casework experience with hard-to-beat credentials. Additionally, three of our lawyers are Board-Certified by the Texas Board of Legal Specialization in Family Law, and our firm is AV peer-review rated.* We provide exceptional high net worth divorce representation to clients throughout Texas.
Lottery Winners and/or Inheritances
Texas is a community property state. This means that all property (both assets and debts) is characterized either as separate property (generally property acquired by either spouse before and after the marriage) or as community/marital property, all property acquired during the marriage. Community property is what gets divided between the parties. However, a general exception to this is a gift or inheritance, meaning it would not be considered community property. There are questions to consider though, such as whether the inheritance was ever commingled with marital property or increased in value during the marriage. Every situation is different, and we can evaluate the circumstances surrounding your or your spouse’s inheritance.
A lottery won by either you or your spouse during a marriage would generally be considered community/marital property. But again, there are no definitive answers as every case has its own set of specific facts. The timing of when a winning is claimed can be a factor, especially if it was right before marriage or after. We can evaluate your particular divorce case.