We don’t want to think about divorce or any other family law matter when we are happily married. However, in today’s times, sometimes the future can be uncertain. If you are thinking about a divorce, and have aging parents that may pass away and leave you inheritance, it is important that you keep any inheritance funds that you receive in a separate bank account in your name ONLY. It is important that you keep these funds completely separate from your spouse and that you do not co-mingle the funds with any marital funds or place the funds into joint accounts. If you place inheritance funds into joint bank accounts, you have effectively gifted half of those funds to your spouse. Do not use your inheritance to pay off the mortgage on the marital home that is deeded in both names, or to pay off other marital assets, such as cars, boats or trailers or as income to make payments on your mortgage, cars, etc. If this sounds like your situation and you would like to talk more about this, we can help. Call for your free consultation today!
