Prenuptial agreements are similar to car or home insurance in that they can protect people when something goes wrong, but there are no requirements for anyone to arrange a prenup before marriage. Many see prenups as a bad sign or a lack of trust, but these legal tools do make dividing property less of a hassle when going through a divorce. If one or both partners are weary of prenups, there are other ways to safeguard assets.
Mine Versus Yours
The saying "what's yours is mine and what's mine is yours" is actually a pretty good representation of how a marriage works. Assets acquired during a marriage are usually considered joint or community property with the exception of gifts or inheritances. Any assets one had before a marriage are considered separate property, but it is important to keep the assets stay separate if you want it to stay this way. For example, once any separate money mixes with joint money like in a shared bank account, all of it could be considered shared.
Be Careful When Using Joint Funds
As Time.com explained in a piece detailing how keeping assets separate can be tricky, one cannot use joint funds on separate property or a spouse could be entitled to a portion of an asset in a divorce. If a car or house is in one party's name, funds from a shared bank account should not be used to make payments, repairs or other purchases that help maintain one's property.
In short, the property division process is complicated and can become a large issue when couples disagree about what constitutes marital property. When seeking the items you are entitled to when dissolving a marriage, a divorce lawyer can help ensure you receive a fair settlement.
Contact us today so that you can begin moving on with your life.