My mothers inheritance

[Rhea27]

What is the name of your state? IL

When my mother passed away last year I inherited a fair sum of money after I married my husband. My husband and I live in a house with our kids that he bought before we were married and I'm not on the title . He has put a "stipulation" on whether I get on the title or not which is for me to stop fighting with him (although it's WE fighting) ANYway... I'd like to buy property with this inheritence though I came into it while married so will he be entitled to it? My sister and I have an LLC together in which we own our mothers home outright and rent out but he is not involved with that at all.

What can I do to protect me and my child should anything happen like death or divorce? I'm a stay at home mom.

Thanks everyone.

 

[BelizeBreeze]

What is the name of your state? IL

When my mother passed away last year I inherited a fair sum of money after I married my husband. My husband and I live in a house with our kids that he bought before we were married and I'm not on the title . He has put a "stipulation" on whether I get on the title or not which is for me to stop fighting with him (although it's WE fighting) ANYway... I'd like to buy property with this inheritence though I came into it while married so will he be entitled to it? My sister and I have an LLC together in which we own our mothers home outright and rent out but he is not involved with that at all.

What can I do to protect me and my child should anything happen like death or divorce? I'm a stay at home mom.

Thanks everyone.

The inheritance MUST be kept separate. Therefore, if you deposited it in a joint account with your husband, it's already marital property and there's not much you CAN do. However, if it's in another account that you have alone or with your sister in the LLC and you have NOT used that account to deposit marital funds, it's separate property.

You need to keep the money separate and not co-mingled to retain it's status. And anything purchased with the money is also separate property as long as you do not co-mingle it.

The best advice anyone here can give you is to consult a local attorney for the right way to do what you wish.

 

[Rhea27]

That's just what I did. I'm so relieved to hear that. My LLC would purchase the property. On the house that we have now, we are paying the mortgage with marital monies... does this give me any security?

 

[BelizeBreeze]

That's just what I did. I'm so relieved to hear that. My LLC would purchase the property. On the house that we have now, we are paying the mortgage with marital monies... does this give me any security?

I can't comment on those situations from the internet. There is MUCH MORE that needs to be looked at. hence, my advice to consult a local attorney.

 

[Rhea27]

Indeed there IS more! Thank you for the good news though.