Divorces can be hard to deal with, but they also come with their own set of worries and problems. One of them is about keeping your inheritance from getting split between the two of you. This is why you hire divorce lawyers to represent you in the court. Here is everything you need to know about keeping your inheritance and spending safe during a divorce or separation.
Get A Prenuptial Agreement
If you want a guaranteed way of securing your assets and inheritance from your spouse, no matter what the outcome of the marriage is, then a prenuptial agreement is the best way to do that. If you don’t know what a prenuptial agreement is, then it’s quite easy to understand.
A prenuptial agreement is a type of contract, which clearly states that either of the two partners will not share their respective assets, money, property, inheritance, and other finances with each other. It also states that divorce, separation, or having kids will not change the terms of the actual agreement. This type of contract, made before the marriage is called a prenuptial agreement, while one made after the fact is called a postnuptial agreement.
This is a great way to secure your financial position and it won’t be affected at all, if you and your partner decide to part ways, after the marriage. This also makes the divorce settlement a lot easier, because everything is already set and there’s no need to go over the division of assets and inheritance, no matter what the nature of the inheritance is, meaning whether it was inherited before or after marriage, in the case of either party.
Having a prenuptial agreement is actually a good idea because it leads to fewer confrontations and messiness and everything is settled in a cordial and polite way.
A prenuptial agreement can be made after engagement or before the marriage at any time. All it takes is a trip to the lawyer’s office and you both can have a contract drafted, which has the terms stated on it, loud and clear.
Keep Things Named Separately
This is a practical tip and it’s very easy to ignore this fact. Marriage might make you see things from rose-tinted glasses, but not everything needs to be handed over to your spouse, no matter how good the relationship is. This doesn’t have to do with keeping your finances to yourself, but more so about making things less complicated.
If you have inherited something before or even after the marriage and it’s in your name, then it’s better to keep it that way. Don’t change the ownership to your and your spouse’s name, just because you’re “married”. A lot of people don’t realize this, but it can lead to a lot of complications in the end, especially at the time of a divorce. You want things to be uncomplicated because financial and inheritance matters take a lot of time and toll on a person’s life. It’s better to have these conversations with your partner and stress the fact that nothing needs to be under dual ownership just because you’re both committed to each other legally.
If a time comes, when a divorce is necessary, things will be much easier to deal with. You won’t have to go through the turmoil of fighting for inheritance with your ex-spouse, because let’s be real, you don’t want any more drama and things to deal with, on the side of handling a divorce, which is already tough enough.
Make A Trust
Making a trust is also another great way of keeping your marital property separate from your inherited property, to secure your position, financially. A trust is usually made/established for funding purposes and for aiding in buying estate if that’s your plan down the road.
A trust will keep the properties in your own name and it will keep them preserved and maintained. A trust is also made in your own name, so it’s impossible to be considered a joint property of you and your spouse. You can choose to name it in a joint way, but it’s not recommended that you do, especially if you want to think rationally and keep the possibility of divorce in mind.
A trust can be used to financially get you through as well, during the tough divorce time and you can get back on your feet and replenish it as you go too. Trusts are considered to be the safeguard for your assets and you can keep all kinds of inheritances in it.
If you want, you can also hand it down to your children, once they are old enough by contacting your family lawyer Fairfax VA. Trusts can be made very easily and you can also set conditions to make sure that no one gets access to it until they fulfill certain things.
Keep A Record Of Your Inheritance
This is probably the most important thing you can take away, and that’s to be financially knowledgeable about things and how inheritance works. It’s very important that you keep a record of all the things that have been inherited from you.
You want to know the intent, the purpose, the value of the inherited property, the maintenance of the property or asset after inheritance, any will or request associated with the inheritance and the way by which it has been inherited, and what will be the course of action from there.
If you want, you can get help from a financial advisor or even a lawyer in this regard, especially if it’s your first time dealing with anything that’s related to inheritance and the division of assets. Preparing the required paperwork will also ensure that you have proof, at the time of divorce, that all of your inheritance is separate from your marital property and it doesn’t need to be included in the asset division.
Say No To Paying Through Joint Bank Accounts
Getting joint bank accounts is something that is very normal in marriages. A lot of couples can make joint bank accounts and make big purchases like real estate, houses, and other things. While it’s alright to go down this route for purchasing marital properties, it’s always a good idea to keep your inherited property separate and nothing should be paid by the joint spousal bank account.
This might seem far-fetched, but it will make things a lot easier to deal with, at the time of a divorce. Try to make a habit of paying anything for your inheritance, whether it’s annual taxes, any maintenance charges, and more through your separate bank account.
It will keep everything divided and there won’t be any solid claim from your partner, at the time of divorce, to pay anything back. Keeping things in your name and paying for them by yourself may seem pretty hard at first, but it will save you from loads of unnecessary trouble in the distant future.
There you have it! These tips are going to ensure that your wealth stays yours even after the divorce. These things should be dealt with in a smart way and with the advice of top rated divorce lawyers Fairfax VA. Plus, if you go over these things before the wedding or commitment, then that’s even better.