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How married couples can keep property separate

On Behalf of | May 23, 2022 | Division of Assets and Debts |

People never enter marriages intending them to end in divorce. In reality, though, not all unions survive.

Divorce courts are responsible for separating assets between splitting partners. They consider everything to be marital property unless contradictory proof is available. Wise decisions protect your interests and speed up the decoupling process.

What to do

Keep individual savings and checking accounts. When jointly held, it becomes tough to determine who made which withdrawals.

Collaborating on a household budget is helpful in many respects. For one, it creates a paper trail of where money is going. Strongly consider keeping records in a fireproof safe.

Discuss long-term goals with each other and root decisions in fairness. If one partner sacrifices for the other, negotiate a compensatory reward. Putting agreements in writing may feel awkward. Nonetheless, doing so provides clarity in the aftermath of a breakup.

What not to do

Never keep information to yourself. During a split, the withholding of knowledge may appear to be evidence of deception. If this perspective takes hold, you stand to lose what is rightfully yours.

You might want to dismiss a postnuptial agreement out of hand. Disabuse yourself of this negative thinking. Having one in place can prevent significant headaches.

If you own a business, keep your partner free from holding shares. As soon as a transfer happens, the company might become marital property in the eyes of the law.

Keeping assets apart during your marriage is a wise decision. While doing this might not be romantic, it makes divorcing far less painful.