If you’re due to inherit money now or in the future, you might wish to prevent those funds from going to your spouse in the event of a divorce. A recent article in Forbes offered guidance for those who want to protect their finances.
The article’s suggestions included:
- Keeping the assets in a trust. Trusts can serve not only as estate planning tools, but also as vehicles to mitigate the ramifications of a divorce. It is important to understand the concepts of irrevocable v. revocable trusts, how the trusts generate income and whether or not that income could be included in calculations for child support and alimony.
- Creating your own estate plan. Many couples create estate plans together. However, you can consider hiring independent counsel to create a new estate plan that will limit what a spouse would receive in the event of death preceding or during a divorce.
- Drafting a postnuptial agreement. Postnuptial agreements, like prenuptial agreements, serve to protect your financial and personal interests in the event of a divorce, with the difference being that they are crafted after a marriage. It is crucial that certain criteria are met when drafting a postnuptial agreement to ensure it is not rejected in divorce proceedings.
It is important to emphasize that the Forbes article is not specific to Pennsylvania and should not be taken entirely as written. Nevertheless, there are a number of ways in which you can protect your inherited assets in the event of a divorce. If this is something you are considering, you can only benefit from discussing your options with an experienced Bucks County family law attorney. Contact us at 215-340-2207 or email firstname.lastname@example.org.