Inheritance is separate property, which means it belongs only to the inheriting spouse. However, you must take care not to treat it as marital property owned by both spouses. There are things you can do to prevent an inheritance from being treated as marital property subject to equitable division.
Check out these recommendations from DivorceNet.com: https://bit.ly/2v2C84i
The new tax law could increase financial challenges for divorced people, but planning opportunities abound. The National Retirement Risk index shows that half of American households are at risk of being unable to maintain their standard of living in retirement. The risk is worse — 7 percentage points higher — for households that have been through a divorce.
See how you can mitigate your risk: https://bit.ly/2lkRqgh
It’s a common misperception that prenuptial agreements are only for the wealthy – and the unromantic – but, in fact, quite the opposite is true. It’s the people you least expect – the startup entrepreneur with $11 in their bank account; the couple that wed and relocated; the divorcees with children who found love again – that need a prenup the most.
If you are approaching a marriage in Tennessee, you may find it difficult to think or talk about a prenuptial agreement. However, particularly if you have sizable assets, you should put safeguards in place to protect yourself financially in any case, including divorce. Here at Thomas Family Law Firm PLC, we can help you formulate and litigate a solid prenuptial agreement.
Business Insider points out that having a conversation about a prenuptial agreement may be awkward, but it does not have to jeopardize your relationship. It is important to emphasize to your partner that having this agreement in place does not mean you foresee your relationship ending in divorce. Rather, it is your attempt to be fiscally responsible. When you approach this topic, you should focus on sensitivity and honesty. Gauge your partner's reaction to the initial conversation. If you sense defensiveness or anger, you may need to postpone the discussion for another time. You should also be careful to frame your opinion in a gentle, understandable manner, rather than forcing the issue. Being too harsh or dogmatic may cause your partner to develop unnecessary doubts about your commitment to the relationship.
Remember that your discussion about a prenuptial should include the opportunity for both of you to voice your opinions. You should be transparent and honest about your reasons for wanting a prenup, but you should also allow your partner to share his or her concerns. Do not dominate the conversation. Ask questions in order to show that you are interested in your partner's thoughts, and seek clarification when necessary. Like any aspect of your relationship, approach a prenup discussion with an eye toward cooperation and mutual respect. More information about legal agreements before marriage is available on our webpage.