Divorce and Children: How to Protect Their Inheritance
A new marriage can be difficult to start when you already have kids. Your kids might be angry with your future spouse or this new phase of your life, regardless of their age. Though you can Divorce and Children more concerned about their financial future than just their feelings personally. Your entire estate and possessions are combined with your spouse’s at marriage. This implies that anything you would have wished to leave to your children could be taken by your spouse in the event of a divorce or in the event that you perish away. There are some precautions you should take to safeguard your child’s inheritance, yet this shouldn’t prevent you from getting married.
A divorce lawyer in Newton, MA can help you if you require guidance with creating a prenuptial agreement or deciding how to best preserve your child’s inheritance in the case of a divorce.
When Does An Inheritance Become Marital Property?
As we get older, we can amass a lot of property and assets, such as family houses, dream automobiles, family treasures, and investments. Many of us intend to leave these possessions to our offspring in the future, either to give them a better financial future or to preserve some family assets.
Sadly, if you decide to get married and have children from a previous relationship, your plans could be jeopardised. When you get married, all of your assets may be regarded as marital property under Massachusetts law. In the event of a divorce, everything you had intended to set away for your children may instead be divided between you and your husband.
Unless you have certain legal documents like a will or trust created, your spouse will have much greater authority over your property and assets than your children, even if you don’t get divorced but pass away unexpectedly. Your spouse will probably leave your assets to any children you have with your new marriage, but you can’t be sure about children from previous relationships.
What Choices Do I Have?
There are two ways to ensure your children receive their inheritance:
- When you get married, you can put aside certain property for your children by specifying in a prenuptial agreement, or “prenup,” which assets you want to preserve apart from your marital assets.
- By setting up a trust, you can reserve any assets you want to give to your kids after you pass away when they become 18, or under other circumstances.
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