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Friday, June 3, 2016

If your child gets divorced, what happens to the money he or she inherited from you?

What if you leave your son or daughter a share of your estate, and then the son or daughter's marriage breaks up? Will the money you left as inheritance end up in the hands of the divorced spouse? We don't really want to think about our kids going through a divorce but statistically, we know it's possible.

This topic was recently tackled by Stan Rule, a lawyer in Kelowna, BC who has a great deal of experience with wills and estates matters. To read Mr. Rule's comprehensive discussion on the topic, click here.

What I like about Mr. Rule's post in particular is that he gives a couple of examples that are very true to life. You'll be able to relate his discussion to your own situation.

4 comments:

  1. My nephew received $120,000.00 from my father prior to his death. My nephew was supposed to use the money for his business but instead he used it to buy a boat & pay off the mortgage on the house. 2 years later in the divorce she got the house, he got the boat. Since he did not purchase the building for his business (he is a self-employed mechanic) there was nothing to split. Unless there is a prenup you can't control what happens. Most average income people won't do prenups. And 2nd marriages of widowed people are a nightmare with respect to the assets they inherit from their spouses. Happy & in-love they seldom consider the consequences.

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    Replies
    1. Trudi, you make an excellent point about pre-nups. I really would like more people to use them. They often think that if they suggest having one, they'll burst the happy bubble they're living in. In my opinion, if suggesting that you make an agreement to look after your kids from the first marriage destroys your happiness with the second spouse, that second spouse was not worth it. Anyone who is scared off by a pre-nup is either completely misinformed, or needs anger management counselling!

      Lynne

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  2. Interesting top and thanks for Stan's- Rule of Law site. Look on the left for many links to some very interesting topics.

    ReplyDelete
    Replies
    1. I read his blog frequently and I respect his work. You're right about the links on the left - he shows what other bloggers are writing about so it's a really good source of info.

      Lynne

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