Protecting Inheritances

Have you inherited property, heirlooms, money from your family and wondering how to protect what is yours in the event you and your spouse decide to divorce? What is considered marital property when determining property division in a divorce? This can vary depending on the circumstances unique to your situation. However, there are steps you can take to improve your outcome in the event of a divorce. First and foremost, if you are not married yet but are planning to get married soon, you should consider a prenuptial or postnuptial agreement. This will help shield your assets such as money, an inherited business or property. While not full proof, a prenuptial agreement can declare what inheritances or gifts each spouse agrees to surrender rights to in the event of divorce. Another important point to consider is safeguarding documentation regarding the intended beneficiary of a gift or inheritance. If you do have something in writing such as letters from a family member describing the designated recipient of a gift, keep these items in a safe place. This form of documentation showing intent may help you when dividing property in a divorce. Never co-mingle inherited money or other assets into an account with your spouse’s funds. Keep your assets in a separate bank or investment account and, again, save documentation. When couples pool their money, it is difficult to differentiate who has claim to it, even if some of it was specifically given to one recipient. As far as more expensive gifts

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