You may believe that any inheritance you receive is solely yours. However, on divorce, this is not always the case. Inheritance can include property, money, a business or valuable heirlooms such as art and antiques.
We have detailed below some steps you can take to best protect your inheritance on divorce; however, it is always vital to take legal advice as your individual circumstances can impact how your inheritance is treated.
Keep hold of documentation
Make sure you keep a copy of any paperwork that names you as the sole beneficiary of the inherited asset, as this may help your case.
Consider a pre-nup or post-nup
If you have received or know that you are going to receive an inheritance, a pre-nuptial agreement or post-nuptial agreement can help to shield those assets during divorce proceedings.
Maintain Separate Accounts
If you have been left a sum of money it should be held in a separate account in your sole name. Once the money has been held in a joint account it can be much more difficult say it wasn’t intended to be shared.
Future inheritance is unlikely to be considered as part of a divorce settlement unless you are likely to receive it imminently. If you are anticipating an inheritance in the future it would be sensible to discuss this with a specialist family lawyer and consider entering into a marital agreement.
If you are considering divorce and have concerns about protecting any inheritance you have received or are to receive call us today on: 01423 594680.
Andrew Meehan is an experienced family lawyer specialising in complex divorces involving significant or hidden assets, as well as cases involving children.
He is recommended for family law by both Chambers 2018 (York, Hull and surrounding regions) and the Legal 500 2017 (Leeds/West Yorkshire and North Yorkshire region).
Everyone’s circumstances are different and this article is provided by way of general information only and must not be replied upon. If you require legal advice on a family law issue, please feel free to contact us by emailing firstname.lastname@example.org.