As a parent, you probably still worry about your adult children, even though they have married and now have children of their own. You might be even more worried if you plan to leave an inheritance to your child and you think he or she might later get divorced. Then the ex-spouse would receive some of the inheritance money.
This is a real possibility. While inheritances are considered separate property, this is only if the money is kept in its own separate account. Once it goes into a joint account or is used to pay for marital expenses, it becomes joint property. Since the money is now commingled, it is subject to split in a divorce.
As a parent, this can be a devastating thought. You want that money to go to your child, not the ex-spouse. So what can you do to prevent this from happening?
There are three scenarios to consider if you are worried about your child’s inheritance:
Trusts can be complicated and come with extra costs, so don’t feel like you need to rush to set one up right away. If you decide on one, make sure it will be worth it to protect your child’s future wealth. You may also want to discuss the situation with your child to get their thoughts. If they know an inheritance is in their future, they might put in the work to ensure it is protected.
Divorce matters can be complicated, especially if there is the possibility of an inheritance involved. If you’re a parent of a married child going through a divorce, you may wonder about the laws that apply and whether or not your son-in-law or daughter-in-law will have access to the inheritance.
If you are considering divorce, the Columbia divorce lawyers at The Law Offices of Todd K. Mohink, P.A. can help protect your inheritances and other assets. Schedule a consultation today. Fill out the online form or call (410) 774-5987. We have two offices to serve you.
7310 Ritchie Highway, Suite 910
Glen Burnie, MD 21061
30 Corporate Center
10440 Little Patuxent Parkway,
Columbia, MD 21044