When you marry, you are likely not thinking of what will happen if your marriage ends at some point in the future. No one marries with the intent of a future divorce, but this is the reality for many Colorado couples. Even if you believe that it will never happen to you, it is beneficial for you to plan for the possibility. If you have received an inheritance or may receive one in the future, it is important to protect your financial interests.
There are steps you can take that will allow you to protect inherited property. This is prudent, even if you believe that you will never go through a divorce. In fact, it is helpful to take these steps before divorce proceedings even begin. Looking ahead can provide you with protection and peace of mind as you move forward and look to the future.
If you are looking ahead
Preparing for the possibility of divorce does not mean that you assume a divorce will happen. It simply means that you are being prudent with the assets given to you. One practical way to do this is to have your relatives hold the property intended for you in a trust. While some people leave assets directly for the intended heir, this could be problematic as it increases the possibility of having to split those assets with a former spouse in a divorce.
It is also possible to protect your financial interests during a divorce, even if you have not taken previous steps to shield that property. Financial matters are often some of the most complex to address in a divorce, but only joint or marital assets are eligible for division in a divorce. You can pursue a final order that clearly designates your separate property, which may include inherited assets as solely yours.
Fighting for the best outcome
It is often difficult to navigate property division matters during a divorce. This is why many people find it beneficial to have experienced guidance as they walk through the process of making important financial decisions during a divorce. You may also find it helpful to learn more about important steps you can take to protect your future, even if you have not yet decided to divorce.