Family law in Maryland: Protecting an inheritance in a divorce
Most people work hard for their money and the last thing they want is to see any inheritance they get have to be shared with an estranged spouse. Maryland family law governs divorce that may affect inheritance funds. These funds are usually protected in the event of a split unless the funds are in a joint account in which case they become marital property and would need to be divided. So, the first rule in safeguarding inheritance funds in the event of divorce is to deposit them in an individual bank account.
Having a prenuptial agreement that spells out the particulars of an inheritance is the easiest way of protecting the money. A postnuptial agreement would do the same. When it comes to children and safeguarding an inheritance, trusts can be set up in their names.
Open communication with a partner is essential. When each person knows where he or she stands in terms of inheritance funds, there may be less stress should the marriage or cohabiting relationship sour. The possibility of further fighting regarding an inheritance is lessened when both partners agree on the yours, mine and ours adage and have it written down.
A family lawyer Frederick, MD trusts will know the laws that govern divorce and how an inheritance might play into the picture. Family law as it affects divorce can be complicated and may illicit many questions. A family law lawyer can offer some wise advice to protect his or her client’s interests in a divorce situation.