Those who are considering marriage need to make sure that they are protecting their assets. It isn’t really a happy thought to think that your marriage won’t last; however, you shouldn’t let that discomfort stop you from thinking about what you will have if you do end up getting divorced.
Many people who have assets and are getting married opt to have a prenuptial agreement. If you don’t have time to have a prenuptial agreement made and signed, there are some other ways that you can protect your money.
One of the most important things that you need to do if you won’t have a prenuptial agreement is to keep your money and your assets separated from the marital money and assets. Allowing the funds and assets to co-mingle can turn them into marital assets. You shouldn’t use any marital funds to pay for upkeep or maintenance of the items you are keeping separated because if you use marital funds to maintain them, they can be considered marital property.
Another way that you can protect your money and assets is to get proof of the value of your assets at the time of the marriage. This is especially important if you have retirement accounts. If you have proof of what the value of the retirement accounts were when you got married, the court might take that value out of the total value during the property division process. The same thing is true if you have a business — you should have it valued around the time you are married.
Property division is a big ordeal during a divorce. If you are considering marriage and need to find out how to keep yourself protected, make sure that you seek answers to any questions you have.
Source: Credit.com, “5 Ways to Protect Your Money Without a Prenup,” accessed Jan. 01, 2016