Protecting your inheritance during a marriage is a personal decision that depends on your specific circumstances. If you have received a significant inheritance or expect to receive one in the future, it may be prudent to take steps to protect it. Here are the Top 5 Ways To Protect Your Inheritance During Divorce:
1. Keep your inheritance separate: One of the most effective ways to protect your inheritance is to keep it separate from your marital assets. Do not mix your inheritance with marital funds. Instead, keep it in a separate bank account or investment account that is only in your name and do not deposit any other funds into the account.
2. Keep documentation: Keep detailed records of your inheritance, including any transactions, withdrawals, and deposits made to and from the account. In the event of a divorce, these records can help you prove that the inheritance is your separate property and not subject to division.
3. Obtain a prenuptial or postnuptial agreement: A prenuptial or postnuptial agreement can be an effective way to protect your inheritance. It is a legal document that outlines how assets, including inheritances, will be divided in the event of a divorce. By including a provision in the agreement that your inheritance will remain your separate property, you can ensure that it will not be subject to division in the event of a future divorce.
4. Avoid using your inheritance for joint expenses: If you want to protect your inheritance during a divorce, avoid using it to pay for joint expenses like mortgage payments or vacations. Doing so can make it more difficult to prove that the inheritance is separate property.
5. Consult with an experienced attorney: If you are concerned about protecting your inheritance during a divorce, consult with an experienced family law attorney at Jacobson Family Law. We can help you understand the Maryland laws and the best legal strategies to use to safeguard your inheritance.
Remember, as long as you keep your inheritance separate from your spouse and other marital assets, it will be considered your non-marital property in a divorce. If you have any questions about inheritance and divorce, schedule a consultation with a Maryland attorney at Jacobson Family Law today on our website or by calling 443-741-1147.