As you close in on your wedding day, it’s only natural for you to think about the future. This can mean many things, including a detailed look inside the assets you’re bringing into the marriage.
Since you never know what could happen down the road, it’s important to keep separate property separate. This sounds simple enough, but a variety of challenges can get in your way after you tie the knot.
Here are a few things to consider:
- Sign a prenuptial agreement: With this, you can outline the property that you and your spouse are bringing into the marriage, as to ensure that it doesn’t come into play should you divorce in the future.
- Sign a post-nuptial agreement: If you don’t get around to creating a prenuptial agreement, you aren’t out of luck. You can create a post-nuptial agreement that clearly defines separate property.
- Do not commingle separate property with marital property: You may not think this is as big deal when you’re married, but it can cause you trouble if you ever decide to divorce. For example, separate funds in a bank account shouldn’t be transferred to jointly owned accounts.
If you’re in the process of planning your wedding, you’ll want to learn more about separate property. More specifically, focus on all the assets you’re bringing into the marriage and how you can protect them now and in the future.
There are many steps you can take, but if you don’t understand your legal rights, it’s possible you could make a mistake that costs you time and money in the future.
Source: Forbes, “Getting Married? Got Assets? Read This First,” Janet Novack, accessed May 22, 2018