Do I Need a Prenuptial Agreement for an Inheritance?
The Quick Definitive Answer is: YES!
If you will be receiving an inheritance and don't have a prenuptial agreement in place, the California Family Code will apply. Its important that you understand the prenputial agreement and its ability to protect you and your potential inheritance.
When it comes to an inheritance, this is something your family wishes to pass down to you, keeping what they worked hard for and passing it down to their loved one is an important part of life, I think we all work hard to be able to do this! If you are married and a divorce is looming, you can make the inheritance a non-issue with a prenuptial agreement in place. While no one foresees a divorce, it can take 2 people to get married and 1 to get divorced.
The issue can arise that even if an asset is considered separate property, it can still be used in court to pay your ex's attorney fees and spousal support which can make this a very contentious issue for individuals.
Things can be simplified with a prenuptial agreement in place. California allows that on this agreement the inheritance will not be considered in determining child support or spousal support or any other miscellanous expenditures.
When it comes to commingly assets such as property, when you both decide to separate this can become messy and troublesome for all. In California, it is on YOU to trace your assets and prove to the courts that it is indeed YOUR property, at this point you will most likely need a forensic law accountant to prove this separation.
With a well planned prenuptial agreement, this allows you NOT to worry about your inheritance if the document is drafted by a trained expert. This will cut down on possible court hearings and having to trace property back to your family.
When we get married we all certainly hope its for the long-term and nothing will come in the way, but as we all aware, people can change and lives can slowly go in different directions. This is why its wise to set your financial and property intentions for any "partnership".
If you have a solid prenuptial agreement in place, this will eliminate the disputes at any time of the divorce and allow you to protect the inheritance you've received!
Get Help!
As an experienced mediator in all aspects of marriage, business, and personal help, A Fair Way Mediation can answer any questions you may have. If you would like help drawing up a prenuptial agreement to protect your inheritance, please contact us today!
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