♠ 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
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:
Pre-Marital and Post-Marital Agreement:
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.
Utilize a Trust:
Utilization
of...