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Inheritance stays with you

There are mixed views about whether community property or equitable distribution of assets is the more fair approach to a division of property in a divorce. Fortunately, when it comes to inheritances, it doesn't much matter. If you have received an inheritance, it's yours, even after a divorce. That is, as long as you didn't intermix it with marital funds, joint accounts or co-owned assets.

As you can imagine, when there is a substantial amount of money at stake, being informed of your rights, your options and the law can make all the difference in how you enjoy your inheritance, and for how long you get to. Divorce can happen at any stage of life, and for an older individual that may be looking to use an inheritance as a source of support after a divorce, keeping those funds separate is imperative.

One of the best decisions an individual can make after receiving an inheritance is to talk to an attorney or financial adviser. Even if divorce is not looming in the shadows, staying informed and protecting your assets is a safe and smart move. Depending on whether or not you choose to use some funds for investments or if you would like to pay the kindness forward to your family, an experienced attorney may be able to help. Whether on your own, or in a marriage, having knowledge of common mistakes made with inheritance money can help you avoid falling victim to bad decisions. By taking a few simple steps, and getting the help of an attorney, you may be able to guarantee your inheritance enjoys a long, healthy life.

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