When it comes to protecting an inheritance from loss during property division, it is important to take a proactive approach. That means securing the services of a Florida marital agreements lawyer as soon as possible. By crafting a thorough prenuptial agreement that specifically addresses an inheritance, it is possible to ensure that the assets that are handed down from one generation to another are used in the manner that was intended, and not lost during an unexpected divorce.
Creating a prenuptial agreement that can protect inherited wealth begins with a full disclosure of all assets, on both sides. Unless and until both parties are aware of the full scope of assets, it is impossible to come to an agreement on how those assets would be distributed in the event of a divorce. It is also important to complete a prenup well in advance of the wedding, so that there can be no claim of duress based on timing issues.
For those who were not able to secure a prenuptial agreement, there is a degree of protection available through a strict division of marital and inherited wealth. By maintaining separate accounts and avoiding any form of commingling of funds, spouses can help ensure that their inheritance is safe from risk of loss through property division. Having a plan in place before the inheritance is received is a solid financial planning move.
As with so many issues, advance planning can really make a world of difference in how an inheritance is treated during a divorce. By working with a marital agreements lawyer, it is possible to craft a plan that ensures a fair outcome for both parties. For Florida residents who are expecting an inheritance, proper planning can also bring peace of mind to the loved one who is planning that act of generosity.
Source: kiplinger.com, “Strategically Thinking About Divorce“, Andrew Bass, April 5, 2017