inheritance

[movingmom]

When my father passes away, (although I certainly hope that doesn't happen in the near future), I will inherit quite a sum of liquid assets (a.ka. cash savings/Life insurance), as well a home and several acres of land.  What rights if any does my new husband have to this future inheritance if we were to divorce?  Just curious.  Wondering if I should take care of this matter prior to the wedding... (don't plan on getting divorced again... but then again... I didn't plan on it the first time either...)

Thanks for your help Lee.

[babs]

See an attorney and get a prenup. I'm trying to kind out what my portion of a house that was left to 3 sons one of which is my stbx. We bought the house out of the estate. I was told that anything that you buy is not consider an inheritance. Don't comingle funds keeps it seperate also. Good luck

[Lee Borden]

In most states, you'll be safe as long as you are scrupulous and uncompromising in keeping the inheritance property separate. That means you don't use it at all for marital purposes (not even $1) and that you don't contribute to it from marital income. A prenup may or may not be necessary; the most important strategy is to keep it separate.

[katie2222]

does that mean once the money is being used within the family but in a separate checking the inheritance could be considered marital property?
example, purchased car, home improvements etc but remaining in a separate/not joint account.

[Lee Borden]

Absolutely. If you're serious about protecting this money in a divorce, don't use a penny of it. Borrow if you need to, or do without, but don't use that money.

Now, here's a suggestion if the money (or more accurately, the EXPECTANCY of the money) is burning a hole in your pocket. Let's say you're due to receive $100 and you think you might want to spend $25 of it. The day you receive it, create two accounts with $25 in one and $75 in the other. Be sure you put the $75 account in your name only. Wouldn't hurt to do that with the $25 account, but it's less critical, because you're basically letting it go.

When you need to spend money on the "purchased car, home improvements etc," make sure the money comes from the $25 account. That way, you will protect the $75 account as separate property in a divorce. You're protecting the $75 account and being more relaxed about the $25 account.