I have an inheritance coming in, but my spouse and I have been having a rocky time. We’re working on it, but I want to keep this inheritance separate for now since I gave up work to take care of the kids. Should I just put the money in a separate account and avoid co-mingling it with marital funds? Can I invest it in bonds or set up a trust for my kids?
If it’s in a brokerage account, just leave it there for now. Keep it separate from marital funds.
Definitely set up a separate account, preferably at a different bank. Make sure to name someone other than your spouse as the Payable on Death.
Avoid using the inheritance for household expenses or vacations unless you’re okay with it being considered co-mingled. Consult with a fiduciary or financial advisor to secure your assets.
Keep that money separate; you might need it down the road. It’s your inheritance, so guard it carefully.
Your inheritance should go into a separate fund. It shouldn’t be used for anything your spouse wants.
Yes, put it in a separate account at a different bank. Don’t mix marital money in there. If you want to invest it, consult a family law attorney first.
Open an account in an institution you don’t share with your spouse. Consider a trust and get a will established while you’re at it.
Inheritance isn’t marital property unless you co-mingle it. Put it into an index fund like VOO and set it to reinvest dividends.
Talk to a financial advisor about investing it wisely. Consider posting in an investing sub for more insights.
Yes, your attorney should be familiar with the laws in the state where you’re getting divorced.