Division of property is another touchy subject seen in marriage dissolution, especially where one party claims heirloom to the affected property. Knowledge is power and it is crucial that every person learns how to keep their inheritance safe and preserve it. The following is a brief guide by The Harris Firm LLC outlining some of the things that you need to do to ensure that you protect your inheritance during a divorce.
What Can Be Classified As Separate Property?
As a rule, inheritances are classified as separate property or assets, thus they are regarded as the personal property of the recipient. However, it is important to bear this feature to ensure that it does not mutate and fall under a different class.
Wherever you make your funds, it’s always advisable to keep it in a different account from the one used in the marriage. Do not put the inheritance money into a joint account or use it in fulfilling marital responsibilities, because the money might end up being mingled with other funds, making it rather challenging to prove ownership of the money as that of the deceased.
In what way may a Prenuptial or Postnuptial Agreement be Beneficial?
The use of the pre-nuptial or post-nuptial agreement can play a significant role in guarding your inheritance. As these legal documents define how the property acquired during a marriage is to be divided at the time of divorce, your inheritance is your separate property.
Consulting a lawyer in developing these understandings can add an extra line of defense to the inheritor with regards to the division and protection of your assets from the complexity of the divorce process.
Why Should One Be Very Cautious When Mixing His or Her Inheritance?
This refers to a situation where one takes his/her separate property for instance an inheritance and mingles it with the marital property. If you do not want to lose your share due to other’s mishandling or misuse, never contribute towards joint bills, costs, or place your money into a joint account. However, by holding your inheritance in a separate account or providing a separate account for it, you would be safe. This way, the inheritance is kept as a separate property more easily than if the couple were still married to claim it in court.
What can Documentation do for You?
It is very important to ensure that documentation is properly done so as to avoid losing the inherited wealth. Maintain records of how the inheritance was spent or used and the money should also not be mingled with other marital funds or assets.
Any paperwork that you received concerning the inheritance you should retain including wills, letters from the executor or account statements. Such records will be important especially while defending a claim that the inheritance belongs to the joint pool of property upon divorce.
Why Is Legal Advice Essential?
Legal help is crucial when it comes to issues of preserving the family’s inheritance when facing a divorce. An advocate in family law will offer you some advice on the case and stand for your rights in the process of divorce.
They can assist you in giving you legal advice especially concerning your rights and also on the correct classification of your inheritance as separate property. It is especially important to involve a lawyer as soon as possible in order to avoid problems and receive sound protection of your inheritance rights.
Conclusion
Preserving your inheritance in a divorce as well also calls for some planning and specific methodologies to adhere to. Thus, to effectively protect one’s inheritance, they should follow certain steps: open a separate account for that inheritance, use contracts and legal means, provide proper documentation, and discuss the issue with professionals.
By doing the aforementioned, you shall manage to maintain your financial integrity and feel relieved in the course of what will probably be a trying period.
