It doesn’t matter if you’re happy in your marriage or considering a divorce, it’s critical to have a clear understanding of how to best manage marital property. With the right tips guiding you, it’s easier to avoid a mistake that could cost you money in the future.
Here are four tips for the more efficient management of marital property:
- Consider a prenuptial or postnuptial agreement: Either way, you’re able to make it clear which property isn’t subject to division in divorce.
- Maintain accurate financial records: For example, if there is property you want to keep separate, be sure that it’s independent of your marital assets. Being able to prove this in your divorce is important.
- Nonmarital property can increase in value: Depending on the property, your spouse may be able to stake claim to the increase in value if you decide to divorce.
- Only use nonmarital property to purchase assets that you want to remain separate: For example, if you’re purchasing a classic car that you want to protect in a divorce, be sure to purchase it with separate funds that you brought into the marriage. And again, document this to the best of your ability.
Managing marital property sounds easy enough, but if you find yourself facing divorce, you’ll begin to realize that there are many challenges standing in your way.
By following these tips, you’re able to better manage nonmarital and marital property, which will give you peace of mind. If you find yourself moving toward divorce, get your finances in order and take steps to protect your assets and legal rights.