Unexpected windfalls are great, but you will want to carefully consider some legal issues.
If you are married, reside in California, and do not have a separate property agreement , you’ll need to determine whether your windfall is your separate property or community property that you’ll share with your spouse.
Likewise, the big advance you got for your screenplay or novel is also community property earnings . Before you rush out and spend it all or put it in a new bank account in just your name, know that your spouse has a claim to half of it. If the windfall you’re receiving is your separate property, and you wish to maintain it as separate property, be sure to title it as such, including putting the funds in a separate bank account.
A significant windfall can mean that the estate plan you put in place is no longer adequate. You may not have done any tax planning in your plan prior to the windfall, but now your estate is larger and tax planning may be necessary. You may also have left gifts of a certain dollar amount or percentage that no longer make sense given your increased net worth.
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