Going through a divorce is stressful, especially when there is a lot of money at stake. If you have an inheritance from a member of your family, you may want to take extra steps to protect this asset from going to your former spouse, especially if your loved one would not have wanted to see their gift in other hands.
Here are some ways to protect your inheritance in the event of a divorce in Massachusetts.
Have a prenuptial agreement
A prenuptial agreement is a document that two people draft and sign in front of a notary public prior to getting married. Having a prenup is one of the easiest ways to protect your assets during a divorce. Even if separating is nowhere on either person’s mind at the time of marriage, it is a good idea to think ahead and have this document just in case.
Keep the funds separate
Because Massachusetts is an equitable distribution state, no part of an inheritance is required to go to the spouse during a divorce by default. However, this concept can get muddled if the inheritance funds mingle with other finances, such as in a joint bank account. If you have any concerns about your spouse getting part of your inheritance should you legally separate or divorce, keep the funds in their own account with only your name.
Knowing how to protect your inheritance in the event of a divorce can save a lot of hassle and heartache during these legal proceedings.