Divorce and separation are never easy, but things can turn ugly when ex-partners are given money that wasn’t originally intended for them. If your child divorces their spouse, their inheritance could easily end up someone else’s hands.
things to think about…
complications following divorce
If your child divorces their partner, the ex-spouse will ordinarily be entitled to a share of their assets – including a chunk of the money you left behind.
In most cases, your child’s ex-partner will be given half of the inheritance money/50% of the assets.
inheritance losses during a separation
50% is the usual figure that an ex-partner is entitled to during a split, but this can be much higher in certain instances. Ultimately, every penny you left behind for your son/daughter could vanish if they divorce.
It would be perfectly possible for one of your children to re-marry following a divorce, and then subsequently divorce again. Each time this happened, another slice of the inheritance you left them would disappear.
ensuring your children keep their inheritance
Instead of simply handing down your money to your child in a conventional manner, it’s worth setting up a will or trust that covers situations like divorce and keeps money in your son/daughter’s account.
Forethought can help you create a comprehensive will that safeguards your money in every outcome. We can also set up trusts that keep finances protected whatever happens.
Looking for more information? No problem. Give us a call today on 01565 656 619.
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