What Is An Inheritance Protection Agreement?
There are many risks involved in both divorce and marriage. Some people don’t take the proper precautions or let love lead them blind. But preparation and cautiousness should never be too underrated. Proper precautions that people take on, when entering a marriage, include prenuptial agreements, amongst other protective measures.
According to Augusta Free Press, an Inheritance Protection Agreement “specifically deals with future or possible inheritance”, which will keep “all of the inherited assets explicitly separate from commingled assets that you and your spouse may accumulate during your marriage”, once expected inheritances are received.
It’s important to have the proper documentation that outlines and separates your inheritance from that of your spouse. The way that inheritance is looked at is as an asset that was either brought into the marriage or gifted/inherited during the marriage. A couple of ways that this separate asset turns into marital property are by putting it into a joint account or by adding your spouse’s name on the asset’s title.
Are you in a situation where you’re dealing with or expecting possible inheritance? Family law attorney Taylor Fontenot can help. Taylor understands the need to listen and empathize, while providing practical legal advice and high quality representation. Southern Oaks offers a variety of family law services including divorce, custody, child support, and partition of community property. Contact the Southern Oaks team today!