DP early inheritance

[FairyLightPups]

DP is being given a large sum of money from her parents who are downsizing and retiring. Early inheritance, basically. DP and I are engaged, getting married next September and then trying for our first child in January 2024. I have suggested that DP ringfence the money to keep it safe in the event of a split but DP is saying there might not be point as we're having children so soon after getting married?

For more info: we're in Scotland, we've been together for almost three years, and once we do have children, I will be reducing my hours (not entirely but will be doing more childcare), and will the children's 'main carer' in the eyes of the law, I suppose (we're both women, I'll be giving birth).

Can anyone advise on best protocol? Obviously I don't envision turning into a money-grabbing horrible person if we do split (hopefully never) but surely it's good for DP for have some security?

Thank you.

Sorry I completely forgot to say that we are planning on buying a house this year and DP would like to use it for that.

I think in Scotland inherited wealth is protected - but may be a question of whether this wealth is in the inherited category. I am not a lawyer but in a close family divorce 15 years ago in Scotland inherited wealth was not included in the settlement for the above-mentioned reason.

Have you also discussed how you will ensure you don't lose out financially as a result of bearing the children?

Okay thank you, this is useful :-) Might be worth us asking advice of some lawyers then and seeing where it falls...

Yes, I'll continue putting full-time equivalent pension funds away when on maternity leave and on reduced hours. Also I'm going down to four days working hours condensed into three but even then I'm still the higher earner out of the two of us, so it balances out. The hour reduction is more of a personal choice rather than a financial decision in this case - we could afford childcare but I'd like that time at home longer.

This is a gift - it’s only an inheritance if his parents have died. So the legal implications will be different.

In England you could protect his deposit by buying your home as tenants in common rather than joint tenants, with a specified % each to reflect his additional input, but it might be different in Scotland and it might change when you marry so definitely consider legal advice.

You do seem to have everything very well thought through!