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:

 

Your Money: Protecting adult child's inheritance from ugly divorce fight and . - The Star-Ledger

Your Money: Protecting adult child's inheritance from ugly divorce fight and .
The Star-Ledger
"If your son receives an inheritance in his sole name EUR” such as a portion of an IRA is transferred into his sole name EUR” and he keeps that asset in his sole name without 'commingling' it, that asset would remain his sole asset in the event of divorce .

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Bru Repatriation Took Centrestage in Mizoram Politics - Outlook

Bru Repatriation Took Centrestage in Mizoram Politics
Outlook
Notable legislation made by the Mizoram legislature during the year, besides the new liquor law, were the Mizo Marriage, Divorce and Inheritance of Property Act, 2014 and the Mizoram Lokayukta Act, 2014 passed by the state legislature on November 12 .

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Will seek consensus on civil code: Gowda - Times of India

The Indian Express

Will seek consensus on civil code: Gowda
Times of India
Gowda said the code will strengthen the status of women, as it covers marriage, divorce, inheritance, adoption and maintenance. "The code is based on the assumption that the personal laws based on scriptures and customs of each religious community in .
Govt to start consultations on Uniform Civil CodeEconomic Times
Centre ready with Uniform Civil CodeDeccan Chronicle
'Govt to start discussion on Uniform Civil Code'Hindustan Times

all 19 news articles »
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Ex-chief disputes cop's timeline to $2.7M inheritance
PORTSMOUTH EUR” Former police chief David "Lou" Ferland and police Sgt. Aaron Goodwin both can't be telling the truth about when Goodwin disclosed that he was in line to inherit an elderly woman's valuable estate...


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