When you tie the knot, it goes without saying that you hope to stay together for the rest of your life. Unfortunately, you may realize that this is easier said than done.
With all this in mind, it's important to learn as much as possible about how to properly manage marital property. By taking the right steps while you're married, you can avoid trouble in the event that you divorce in the future.
Here are several things you should do:
-- Talk about the pros and cons of creating a prenuptial agreement before your wedding day.
-- Maintain accurate records during your marriage to ensure that separate property is not comingled.
-- If you have non-martial property, you should use this to purchase other property that you want to remain non-marital in the future. Anything purchased with marital funds will then be considered marital property.
-- Any proceeds received from an inheritance or personal injury settlement should be kept separate.
As you can see, there are many things you should do if you want to properly manage marital property. Of course, this is easier said than done. After all, everything may being going well with your marriage, so it's easy to get lazy and make a mistake.
If you're faced with divorce, it's time to take inventory of your assets. Make note of those that you consider separate and those that you consider marital. With this in hand, you can then move forward with the divorce process. There is no guarantee that your former spouse will agree with you, so make sure you collect as much documentation as possible related to all your separate property.
Source: FindLaw, "Managing Marital Property - Do's and Don'ts," accessed March 24, 2017