When people get married, they almost never think about divorce. This is the way it should be because you are happy and in love with your partner. However, as everyone knows, divorce happens, even in marriages that start out blissfully.
Aside from matters involving children, property division remains one of the most contentious areas of divorce. Not only is property division difficult on a legal basis. It is also emotionally challenging. After all, no spouse wants to feel that he or she came out of divorce with an unfair property settlement. This is especially so when both parties contribute to the marital pot.
Handling finances correctly helps Florida couples avoid much of the conflict associated with property division. Moreover, couples can achieve this goal without having to think about divorce when they get married. In the end, it is all about how you and your spouse manage your marital property.
Divorce lawyers have a wealth of information about handling marital property correctly. Regardless of the length of a marriage, many find it valuable to talk with an attorney about marital finances even while happily married. To get a head start on such a discussion, take a look at the money managing tips below.
- Avoid commingling or mixing separate assets with marital property because once you do so, these funds may become marital property.
- Keep comprehensive records detailing each spouse’s separate property.
- Avoid using separate property to pay marital debts such as a mortgage.
- Use only separate funds to pay for purchases that you want to keep in your possession.
- Consider maintaining individual bank accounts in which to keep separate funds.
The desire to keep marital and personal property separate does not mean your relationship will end in divorce. It is simply a case of practicing good financial sense with the added benefit of easing a divorce if you ever chose to end your marriage.
Source: FindLaw, “Managing Marital Property: Do’s and Don’ts,” accessed April 05, 2018