Protecting your child’s inheritance during a divorce
On behalf of
Having a lot of assets when you walk into a divorce can be tricky, especially when you have custody issues. If your child also has assets that need to be protected what is the best way to proceed?
Full disclosure is necessary
First you will need to assess and disclose not just your own property but also the valuables that your child owns. If you and your ex are dividing assets while negotiating custody, you will want to get some advice on how best to plan for your child’s financial future.
To navigate the process smoothly, you must discuss everything that exists between you and your spouse, including the financial assets that may be designated for your children. Be aware that some things may belong to your children, perhaps through gifts or trust funds. You might want to keep these assets separate from the divorce and avoid accessing them, even if you’re tempted to use them to pay for what seems like more immediate obligations.
Work with an attorney
Try to gather those items that may carry monetary value. You will have to work with your attorney and perhaps a licensed appraiser to determine value. These items may include following:
- Collections (stamps, trading cards, comics)
- Musical instruments
A knowledgeable attorney can help you get items appraised, so be sure to ask for a referral. You may also want to work with your attorney to establish a trust to protect these assets in the future.