When you’re planning to get married, the last thing you want to talk about is your marital property and how to manage it. You want to focus on your relationship and the future you plan together.
Now is a good time to talk about your property, though. By creating a prenuptial agreement before you get married, you can protect yourself and your to-be. This agreement makes sure it’s clear which property will be divided in divorce and helps you identify separate property.
If you plan to keep property separate throughout your marriage, do remember that you need to keep it separate throughout the marriage. If you comingle the asset or assets, then a court may rule that it’s a marital asset if you ever decide to get a divorce.
If you want to keep new purchases as separate property, then make sure you buy all the new property with your nonmarital assets. For example, if you have an inheritance you’re keeping separate, buy the boat you want or the home you want with that asset. If you share the asset with your spouse, it could still end up becoming marital property, so remember to keep the purchase as separate as possible by not allowing your spouse to pay for any part of it or to pay for maintenance.
A prenuptial agreement puts off some people, but it’s in your best interests to have one. It can protect you from your partner’s debts and can also help you separate your own important assets. Your attorney can help if you’re ready to draft a prenuptial agreement.
Source: FindLaw, “Managing Marital Property – Do’s and Don’ts,” accessed July 13, 2017