Manhattan Prenup Attorney Provides Practical Tips on What You Can Do to Protect Your Inheritance from Division in a Divorce
When people get divorced, one of the first steps toward determining the outcome in a divorce is to identify assets that are marital assets and those that are separate property assets. The New York statutes define inheritance as a separate property. However, there are various exceptions to this general rule. Accordingly, it is advisable to get informed and to take certain precautions if one would like to protect their inheritance assets from being subject to division in the event of divorce. Inheritance assets can include money, fine art, vacation homes, rare collections or even gifts from a former partner.
3 Tips to Protect Your Inheritance in a Divorce
- Get a Prenup Agreement Before the Marriage: a Prenup can help protect your inheritance whether it pertains to real estate investments, rare art collections or family heirlooms. More and more couples are getting a Prenup just as one would get an insurance policy. It is a “just in case” instead of later having to face losing precious assets and even family heirlooms.
Savvy couples today realize that just because they are getting a Prenup it does not mean that their marriage will not last, but they are being sensible about the ramifications that could follow in the event that a marriage does not work out.
If you are not sure if a Prenup is the right option for you, it is best to consult an experienced Manhattan Prenup Attorney and get answers to all of your questions. Simply consulting with a Prenup attorney does not obligate you to get a Prenup, however, it does give you the knowledge you need in order to make a well-informed decision pertaining to your future and your financial welfare.
- Keep Important Documents in a Safe Place: if you have paperwork that spells out what you will be inheriting or what assets you have acquired prior to your marriage – it is advisable to keep them in a safe spot such as a safe deposit box. This ensures that in the event of a robbery, fire or natural disaster, you will have quick and easy access to legal documents that substantiate what truly belongs to you.
- Consult a Trust Advisor: consider getting a trust to safeguard your assets and to have full control of what your children will get in the event that something happens to you or your spouse. An experienced trust advisor can counsel you on the best type of trust that fits your needs.
- Maintain Separate Bank Accounts: even though you may think it is a good idea to merge all of your bank accounts, it is best to keep your personal account as a separate account. It is ok to have a joint account with your spouse; however, you may also want to have a separate account to protect your earnings and any assets that belong solely to you.
Questions About Protecting Your Inheritance? Consult a Manhattan Prenup Attorney Today
Contact the Sabra Law Group today at (646) 472-7971 for a confidential consultation.