When people win the lottery, they likely think that all of their problems are over. That isn't always the case. In fact, many couples end up getting divorced after winning the lottery and fighting over the winnings. In this scenario, it can actually be hard to keep your winnings, though not impossible.
Many People Split After Winning The Lottery
Happy couples who win the lottery often find themselves fighting about money and struggling to be happy together. For example, a husband may want to buy a car with his wife's lottery winnings only to be denied access by her. These fights can get severe enough to cause the couple to look to seriously consider divorce instead of staying together.
In this scenario, you may want to take your winnings and get away from your spouse. Unfortunately, it usually isn't as simple as that. Obviously, your spouse is going to want their fair share of the lottery winnings. And the truth is, in most states, they are probably going to get it even if you were the person who won the contest.
All Lottery Winnings Are Typically Shared Equally
In many states, all finances in a marriage are split equally, no matter what. If you live in one of these states, you are going to have to give your spouse half of the money that you won when you get divorced. Even in states where this type of law is not in effect, you may end up having to pay them half of the winnings any way.
This situation can definitely complicate a divorce and make it more difficult for you to handle this scenario. Watching hundreds of thousands or even millions of dollars disappear from your bank account is never an easy situation. However, it is possible to avoid it if you know a few legal loopholes that can protect your cash.
There Are Exceptions
There are several ways that you can protect your lottery winnings and ensure that you don't have to give half of it to your spouse. For example, you could split much of it up into liquid investments, such as private bank accounts or stocks and bonds. In some states, this type of finance is considered private to the person who purchased them.
It is also possible to gift your spouse a portion of the prize money or write an agreement with them that they get a portion of it but not half of it. There are a few situations in which your spouse may agree to this situation, such as if you give them the home and other items, such as cars, motorcycles, and other items.
While you shouldn't leave your spouse without anything when getting divorced, you can protect your lottery winnings if you are willing to take extra financial steps. Talk to a divorce lawyer like those with Winstein, Kavensky & Cunningham, LLC. about this scenario to learn more and to execute your plan properly and effectively.
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