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An important concern of many parents is the risk of leaving money to an adult child and then having the child get divorced from his or her spouse. At least in New York, although many other states have similar laws, inherited property is considered separate property, not marital property when it comes to the division of assets in a matrimonial action. Since most divorces are not congenial, the inherited property can still present an area of conflict. The better way to protect inherited property is for the parent to discuss with his or her child the importance of keeping inherited property completely separate, in the child’s name alone, not joint with his or her spouse, and to not use of that property for marital purposes.
The Role of Prenuptial Agreements
Of course, the best way to protect inherited property is for one’s child to have a prenuptial agreement with his or her prospective spouse so that there is absolutely no doubt about the separateness of that property. The prenuptial agreement does not have to be complex; rather, it can be limited to making sure that inherited property remains separate.
Prenuptial Agreements in Later Marriages
Another aspect of protecting your child’s inheritance is when the parent decides he or she wishes to remarry after the death or divorce of a spouse. In those instances, a prenuptial agreement is absolutely necessary in order to protect your child’s inheritance. Under most state laws, a spouse is entitled to a portion of your estate when you pass away, regardless of how long you are married. A prenuptial agreement is quite common in second and third marriages, and the main reason for them is usually to make sure that one’s children receive the inherited property and not the spouse. Of course, the spouse can always choose to leave money to his or her second spouse, but a prenuptial agreement will ensure that you can leave your money to your children, without a problem.
Contact Our Estate Planning Attorney Serving New York & Estate Planning
For personalized guidance and advice on protecting your family’s inheritance and assets, contact the Law Office of Angela Siegel. Our dedicated team is committed to ensuring that your estate planning needs are meticulously addressed with tailored solutions that reflect your wishes and secure your legacy. Reach out to us today to schedule a consultation and explore how we can help safeguard your future and that of your loved ones in New York.