Ask Kim: Inheritance Planning & Divorce

Dear Kim, 

My parents both passed away a year ago. I am an only child.  In the midst of settling their estate and selling their property, my spouse filed for divorce.  He had been supportive during my parents’ illnesses, but I recently found out that he has a second life in another state.  How can I protect my inheritance from the divorce settlement?  

Sincerely, 

Protecting My Future

Dear Protecting My Future,

The secret is not co-mingling the assets you inherit. If you put your spouse’s name on anything you inherit, or if you use those funds for family expenses, they could be considered joint property. 

Let’s say you use $20k to improve the family home, or some of the money to take a family vacation. The argument could be made that you intended the assets to be jointly used. So, make sure you keep those assets in your name only.  

Best of luck with this hard time. If there is anything I can do to be of assistance, please let me know.

Kim

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