On May 11, our firm’s bi-monthly Smart Counsel presentation focused on the best way to protect the inheritance you will leave to your children from the reach of your child’s spouse in the event of a divorce. There were two parts to our program. First, family law attorneys Barbara Nason and Amy Vaughn spoke about how a good prenuptial agreement can protect a child’s inheritance in the event of divorce. Attorneys Nason and Vaughn shared with attendees the “must-haves” if the prenuptial agreement is going to be effective. These included the requirement that each party have his/her own attorney and that the parties fully disclose their assets, liabilities and expectancies to each other. This means that the parents of the engaged couple need to provide their child with information about the amount the child may expect to inherit.
The second part of the program concentrated on how to protect your child’s inheritance in the event he/she does not have a good prenuptial agreement in place. Attorney Suzanne Sayward advised the audience that leaving assets to your children in trust rather than outright can be an effective way to protect the beneficiary’s inheritance, provided the Trust is properly drafted and administered.
If you are concerned about protecting the inheritance you plan to leave your children from the reach of their creditors, including a potential divorce, call us to schedule a meeting with one of our attorneys to discuss your options.