I have several questions. I want to pursue having a legal separation. My wife and I want to do this as cheaply as possible, but we want to protect our interests and our children’s interests. I want to maintain joint ownership of the home (as property). I want my wife and the kids to continue to live in our present home. The home is our primary investment. Neither of us can afford to buy our share of the house from the other.
, I expect to be named as a beneficiary in a relative’s Will. My wife is more financially secure than I am, so I want to make sure I receive the entire inheritance.t If we get a legal separation, will I be required to divide the inheritance with my wife?
Your situation is ripe for mediation. You need to have an attorney draw up a Separation Agreement that should transfer the house to you and your wife as “tenants in common” instead of “as husband and wife.” You can allow your wife and children to continue to live there and keep your interest in the house. You should have a provision in your Will for your children to be your beneficiaries and to receive your interest in the home.
The Separation Agreement should also provide that each may live separate and apart and conduct his/her life as if they were unmarried.
If you keep the proceeds of your inheritance separate from your joint, marital funds, in your name only, it will be deemed Separate Property, not Marital Property, and will be yours alone.
Leonard M. Weiner, Esq. /Divorce Solutions