When a couple file for divorce, their marital property or joint property is divided equitably between them according to state laws unless they had a prenuptial agreement. However, many married people are unsure how this law applies to inherited property.
According to the law, you have the sole right to any inherited property even if you inherited it after you became married. The only exception is if the court finds that you have gifted the property or assets to the marriage. This is ascertained by looking at what you have done with the money. If you used the funds received to redo your family home, you will be deemed to have gifted it to the marriage and your spouse will have a right to a share of the funds.
If you want to protect your inherited assets from your spouse in the event of a divorce, you need to consult with a divorce lawyer who can help you set up a trust fund or something similar to ensure that the inheritance can be used only by your children after you, and not your spouse.
This is just thinking ahead. You may still love your spouse but you also love your children too. You want them to have an opportunity and some financial support and do not want to take the chance of having that money spent before your children have the opportunity to do something with it.
Put it in Writing
You can also simply keep your money in a separate bank account without including the name of your spouse in it. Instead, make a will, bequeathing the account to your spouse or children. This will ensure that you can have complete control over your inherited assets in your life time and you will not be forced to share it with your spouse in the event of a divorce.
There are many legal intricacies when it comes to division of marital assets during a divorce. The best way of protecting your financial interests in these cases is by retaining the services of a divorce lawyer in Salt Lake City and keeping your assets separate as much as possible.