‘If anything happens to me, I want my children to inherit these funds.’
Dear Quentin, I’ve been married 26 years, and my husband and my father have never really gotten along well. At some point in the near future, I will inherit a significant amount of money . I want to spend and invest this money as I wish.
If anything happens to me, I want my children to inherit these funds. How do I ensure my husband never gets his hands on my inheritance? If we ever divorce, what should I do to make sure my spouse cannot access this money?Dear Loyal, It would seem churlish not to say congratulations on your impending windfall.
In most states, the inheritance must also not be seen to be commingled with marital assets, and also not be used to benefit the marriage or your spouse. So consult a lawyer before you spend the money, and think twice before — say — buying a marital home for you and your husband, especially if you were to consider putting his name on the deed.
There are other rules to be aware of when inheriting property, depending on what state you live in. Among them: “In the case of a house, if the non-titled spouse worked to increase the home’s value, then during a divorce, the judge may consider the home’s increased value marital property, but overall, the property remains separate,” LoPresti, the New York-based attorney, adds.
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