Are you currently drawing up your West Palm Beach estate plan? Often clients will want to leave funds, property and real estate to their children without it going to that child’s spouse. Do you know how to ensure that your child’s inheritance is not lost in a West Palm Beach divorce?An inheritance can be a non-marital asset if bequeathed to the individual but will it stay that way? Experienced probate litigators know how to form trusts and other structured accounts to keep property non-marital.
What is a Non-Marital Asset in West Palm Beach
- Certain property in West Palm Beach is denoted as “non-marital” when a couple gets married.
- This includes property owned before the marriage, inheritances and more.
- The thing is that if you co-mingle those assets they may lose their non-marital character.
- Why does that matter?
Importance of Non-Marital Assets
- There are two big types of marriage in this country – community property and marital property.
- Florida including West Palm Beach is a marital property State.
- In these jurisdictions there are two types of property, marital property and non-marital property.
- Non-marital property is not divided in the dissolution of marriage (divorce) it stays with the owner spouse.
Probate litigators know how to keep it out of your in-laws coffers!
- An inheritance is not going to become marital property on its own.
- But a co-mingling of those funds could destroy their nature, and often you do not want to tell your child that you do not trust their spouse!
- You may be able to create a trust that keeps the assets safe and individual to your son or daughters!
- Want to learn more about the importance of non-marital property in protecting your child’s inheritance from divorce proceedings check out this recent case out of West Palm Beach.
Hooker v. Hooker
- The Husband in this West Palm Beach appeal was challenging the divorce court’s division of certain assets.
- The court said they were marital and the husband contends the assets were non-marital in nature.
- On appeal the husband lost.
- If you want to avoid the issue of the court contemplating who owns certain assets you are leaving to married children talk to your estate planner.
- Experienced Palm Beach probate attorneys use trusts and other estate documents to maintain the non-marital nature of assets.
Want to learn more about protecting your assets into the future from a child’s divorce?
You may want to read the entire case, just click here.