♠ Posted by Marc J. Soss in estate plan,florida estate planning,florida probate attorney,florida probate lawyer,Last Will and Testament,post-marital agreement,pre-marital agreement,Revocable Trust at Tuesday, November 11, 2014
For
those happily married, there are usually no objections to sharing gifts received
from parents or grandparents. In contrast, when divorce is on the horizon the
sharing of gifts is not an option. Unfortunately, past actions may subject
those gifts or bequests to joint ownership and division upon divorce (separate
versus marital property). To avoid this potential land mine it is important to
consider the following options:
These
agreements can protect inherited assets (business, property, art collection,
etc.) should a divorce occur. Each spouse can agree to forgo his or her rights
to any inheritance or major gift given to the other spouse before or during the
marriage.
Maintain
Separate Accounts:
Inherited or gifted funds should be maintained in a separate account so that it is not
commingled with the other spouse’s assets or marital funds.
Utilization
of a Trust can prevent a gift from becoming a marital asset. For example, the
Trust could own a gifted residence and charge the couple rent to live in it while
they remained married, or financial account and preclude it from being a
marital asset at divorce.
Keep
Title in One Name:
Maintain
ownership solely in the inheriting or receiving spouse’s name alone. However, the
way in which the property is used and from what source its maintenance expenses
are paid can change its classification from separate to marital property.
