How To Cope With The Problems Of Inheritance And Divorce

Inheritance and divorce issues can be difficult to understand, especially when you consider that every state has its own laws. What is certain is that any change in your circumstances warrants another look at how your affairs are structured, ideally with professional assistance. Just overlooking one important point could mean that your assets pass to the people you would definitely not want them to pass to, instead of those you would like to benefit from your estate. Proper planning is absolutely essential, and it is equally important to amend those plans when necessary.

Marriage and divorce create two totally separate problems when it comes to inheritance. Firstly, there is the problem of a potential divorce for the person making a will. This will have an effect on the level of their assets, and may even invalidate part of the will if certain conditions can no longer be met. Secondly, there is the potential problem of someone inheriting money while they are in a marriage which is about to end. The two cases are obviously completely different, and need handling in different ways.

It is often difficult to assess the potential financial damage of a divorce in advance, but it is safe to say that your asset levels will be diminished. It is certain that any will you had drawn up before the divorce will need to be amended. If money was to be left to your marital partner, you will want to change your will even before the divorce takes place, in case you should die suddenly in the meantime. Once your revised income and assets are known, you can always make further revisions to the will.

Dealing with money that you are going to receive as a beneficiary is more difficult, as it depends entirely on the laws of the individual state in which you live. In most states, there will not be a problem as the inherited money will be classed as separate property. In this case, the money will remain yous after any divorce has taken place. In some other states where this law does not apply, you will have greater problems. If you know that you are due to be a beneficiary of a will, you should discuss the situation with the other party to find the right solution.

The higher your asset level, the greater the potential problems with any divorce inheritance. Once you reach the level where inheritance tax would have come into play anyway, you will need to have your estate structured by a professional. This is where you can get the advice you need considering divorce at the same time. There is never any substitute for taking advice from a professional who is licensed to practice in your state, as they will know exactly how to handle inheritance and divorce.





 

Inheritance Advice News:

 

Corporate Divorce: Treat Your Employment Contract Like a Prenup - JD Supra (press release)

Corporate Divorce: Treat Your Employment Contract Like a Prenup
JD Supra (press release)
While I'm not professionally qualified to give advice about dating, marriage, relationships or even legal advice about divorce, I do know one thing: planning in advance for the worst may make a very difficult and stressful process EUR the breakup EUR more .

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Same-sex marriage is older than 'millennia:' Washington Post opinion - OregonLive.com

Marilyn Stowe Blog

Same-sex marriage is older than 'millennia:' Washington Post opinion
OregonLive.com
By the 1970s, anthropologists had settled on an understanding of marriage as a social institution serving a variety of purposes - not just procreation and inheritance, but also personal relationships and alliances. In a sense, anthropologists .
Texas couple's divorce upheld despite gay marriage banMarilyn Stowe Blog
Texas Supreme Court upholds divorce of same-sex couple | The Seattle TimesThrasher Backer

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Estate Planning for Real Estate - JD Supra (press release)

Estate Planning for Real Estate
JD Supra (press release)
What if an owner goes through a divorce or bankruptcy? It is important that a . One advantage of a vacation property is that a property located outside of Pennsylvania generally can avoid a state-level inheritance tax or estate tax upon the death of .

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Women's Treaty Trying Local Doors to US Senate - Women's eNews

Women's eNews

Women's Treaty Trying Local Doors to US Senate
Women's eNews
Divorce became easier to obtain and property was divided more equitably between men and women, measuring both financial and non-financial contributions to the family. Payments due after a divorce, such as alimony, became enforceable in law. In Kenya .

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Commentary: Roots of same-sex marriage date back centuries - Santa Fe New Mexican

Commentary: Roots of same-sex marriage date back centuries
Santa Fe New Mexican
The Supreme Court is expected to decide the fate of marriage equality for same-sex couples by the end of the month. If the court requires the recognition of marriages between same-sex couples, the main criticism from those who object to the ruling will .

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Same-sex marriage is older than 'millennia' - Lexington Herald Leader

Same-sex marriage is older than 'millennia'
Lexington Herald Leader
By the 1970s, anthropologists had settled on an understanding of marriage as a social institution serving a variety of purposes EUR” not just procreation and inheritance, but also personal relationships and alliances. In a sense, anthropologists .

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A Legal Overview of Child Custody and Support in Divorce Cases - Huffington Post

A Legal Overview of Child Custody and Support in Divorce Cases
Huffington Post
The legal concept of paternity is foundational for child support requirements and may additionally be important in inheritance situations. Paternity may be a matter of biological parentage, adoption, or created by a signed "acknowledgment of paternity .

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