Can I ring fence my inheritance?

[PersephoneParlormaid]

This is a question for actual legal people, as I’ve asked the solicitor dealing with my father’s estate and he gave a negative answer. Something to do with hiding assets or something.

Ring fence for/against what?

Sorry! Against divorce in the future.

It depends, if you’re buying a property you should be able to ring fence what you put into it. Inheritances are not always included in the divorce, but do not add it to a joint asset then it’s gone as it’s mingled into the matrimonial assets.

if you do a quick google this comes up on lots of FAQs on solicitors websites so I’d question what yours had said. You need proper legal advice and it sounds like a second opinion.

ps I am not a legal person but ask the question again and get a second opinion

It's complicated.

No, you can't acquire assets during a marriage and 100% guarantee they won't be taken into account in a divorce.

If you keep your inheritance separate from the main marital pot.and you get divorced soon, there is more chance of being able to argue this.

You could also put it in a trust but trusts have downsides too and can reduce your flexibility to use the funds.

I won’t be adding it into a joint asset, I’ll be keeping it in my own bank accounts.

Do you have children?

Yes
Ive made a will he doesn’t know about, leaving everything to them.

That will not guarantee it's not part of a divorce settlement. You can have a go at arguing it but it will depend on other factors as well.

You could also put some of it in your children's names. Or a deed of variation to that effect. But obviously that would then make it their money

Is he their father?
How long have you been married and are you planning to divorce?
All those things will have an impact the end result.

You can’t guarantee it. Even if you put it in a trust, his divorce lawyer could still treat it for the purpose of the financial settlement as yours, particularly if it’s obvious you’ve only done it to try and stop him getting any of it.

I was thinking a trust for the children not the OP. She definitely, I agree, can't put it in an trust just for her own benefit

@PersephoneParlormaid
My family member was given conflicting advice.

She and her ex were already divorced but had failed mediation so went to court for the financial settlement.

In court her inheritance was taken into account even though she and the exh were already divorced and the inheritance was received after the divorce, not while they were together.

They expected her to use her inheritance towards re-housing herself and the settlement was reduced.

We're not talking life changing money.
Small house, relatively small inheritance.

Sad thing is the inheritance was used to pay the mortgage, living expenses and family debt when the ex left (for his new girlfriend)

My family member is now facing homelessness, doesn't work due to disabled child and not enough from the sale of the family home to buy another property.

Its all very cold and brutal in court, the judge didn't care about her circumstances, just splitting the finances and seeing them both go their own way.

would he sign a post nup?

Me and my siblings are about to inherit after a recent bereavement. We will all be transferring some or all of our share to our children. So if you want to protect it in a divorce you could just allocate it straight to your children.
In doing that it does actually help you out as for example they could then pay for their own driving lessons, first car, money for uni that isn’t covered by loans. It would take financial pressure off you as all you would have to worry about is yourself financially.
The trouble is if it’s not all spent by then the kids themselves could lose it in their future divorces if that ever happens.

I don’t want to give it to the kids as they could lose it in their divorces, if it ever happens.
I’m not actually getting divorced now, it’s just that the marriage hasn’t been good for years, and it’s something I’ve thought about on a daily basis for years.

If you did get divorced, the joint assets would be taken into consideration for housing in particular. So say the inheritance was £100k and your total assets (minus the IH) was £300K, the courts could award your DH more of the £300K because your £100k could be used to help house you. So in reality, yes, it would be included in the financial assessment.
How old are your DC? Also, how is your house owned?

But when do you think that cycle ends if you're worried your kids will lose it in their divorces?! At some point this money will be used to buy property or whatever and will become a family asset and you can't keep money in the hands of one single person for generations. If you want the money to go to your kids then put it in trust for them when you get it and let them decide what they want to do with it when they are old enough to get it.

Put some of it in sipps for each of your children, they will benefit both from the tax breaks and long term compound growth.

What exactly have you left to your children in your will? Surely you can't will them joint money and assets.

To me having a will that your husband doesn't know about suggests your marriage is dead in the water and you should be thinking about getting divorced sooner rather than later.

Sounds like a long marriage then.
I doubt you'd be able to ring-fence it in that case unless your husband agreed to it. Which considering you've made a will in secret is unlikely.

I don’t know the legalities but what we’ve seen a lot of lately is parent gives adult child money. Child then forms a limited company and buys a house. Parent then moves into that house, even buying two homes and living in one themselves. Like I say I have no idea how it works/legalities it’s just a trend we are seeing.

Divorce him while you’re alive and do your children a favour.

I had a family member make a secret will, disinheriting her husband, it didn’t stand up. It sours everyone’s relationship with each other and worst of all costs inordinate solicitor’s fees to sort out. Any inheritance that would’ve been seen has been spent on legal fees.

You can’t. But if the money is still with the executors and they are amenable to keeping it for the near future and you divorce now you could get the financial settlement done before receiving the money

You need to pay for proper legal advice, not ask on here. What country are you in, how long have you been married - there are lots of variables.

If you have already asked your solicitor and he said no, what are you expecting people here to say?

I’m sorry for your loss.

If you have been unhappy for years, are you ready to leave your husband?