Safeguarding Your Assets Before and During Divorce
Divorce can be a challenging time, emotionally and financially. One of the critical concerns that may arise during divorce proceedings is the protection of assets, especially inherited assets. In Nevada, understanding the laws surrounding inheritance protection before and during divorce is essential to safeguarding your assets and financial future.
Take Precautionary Measures Before Divorce
Before entering into a marriage or even during the marriage, there are steps you can take to protect your inheritance in the event of divorce. Here are our top three steps you can take today:
- Create a Prenuptial Agreement: A prenuptial agreement is a legal contract that can specify how assets, including inheritances, should be treated in the event of divorce. By clearly outlining your wishes beforehand, you can protect your inherited assets from being considered community property.
- Create Postnuptial Agreement: If you’re already married, a postnuptial agreement serves a similar purpose as a prenup but is entered into after the marriage has begun. It can provide clarity on the treatment of inherited assets in the event of divorce.
- Keep Your Inheritance Separate: To maintain the separate status of your inherited assets, avoid commingling them with marital assets. Maintain separate accounts, and avoid using inherited funds for joint expenses or investments.
Protecting Your Inheritance During a Divorce
During divorce proceedings, it’s crucial to take steps to protect your inherited assets:
- Document Your Property: Gather and maintain documentation that clearly establishes the inheritance as separate property. This may include wills, trusts, or other legal documents.
- Consult an Attorney: Seek legal counsel from an experienced family law attorney in Nevada who understands the nuances of asset division, especially concerning inherited assets.
- Negotiate Fairly: During divorce negotiations, work with your attorney to ensure that your inherited assets are considered separate property and are not subject to division as community property.
Nevada’s Community Property System
Nevada follows a community property system, where assets acquired during the marriage are generally considered community property and subject to equal division. However, inherited assets can be treated as separate property if they are kept separate and not commingled with marital assets.
Consult with Our Reno Inheritance Protection Lawyers
At Carlson & Work, we understand the complexities of divorce and the importance of protecting your assets, including inherited assets. Our team of experienced family law attorneys in Nevada is here to guide you through the process and develop a personalized strategy to safeguard what matters most to you.
Don’t leave the protection of your inheritance to chance. Contact Carlson & Work for expert legal counsel and representation during Nevada divorce proceedings. We are committed to helping you protect your financial future.
Disclaimer: The information provided in this blog is for informational purposes only and should not be considered legal advice. Each divorce case is unique, and it is essential to consult with an attorney for personalized legal guidance tailored to your specific situation.