Many people might not think about the most common aspects of marriage. They might only be thinking about the happy aspects and not about the important legal matters like marital property. Nobody wants to think about what might happen concerning property when the marriage ends, but it is something that every person must prepare for. We want to speak with you today about the do’s and don’ts when it comes to marital property.
Do’s and Don’ts
Here are some things that you should do concerning marital property:
- Consider entering into a premarital agreement prior to your marriage so that you can make matters clear on what you and your spouse will have if the marriage ever ends.
- Maintain records of your property and be precise about them so that nothing is forgotten.
- Keep all of your separate property separated throughout the extent of your marriage. This means that you should never combine that property with your spouse, because it might come back to bite you in the end.
- Remember that any property could become marital and that each spouse will be entitled to a share if there is a divorce or if one party dies.
Here are some things that you should not do, on the other hand:
- Never make deposits of income earned during the marriage in a nonmarital account. If you want to keep something separate, you never want to combine it with marital accounts.
- Never open a joint bank account with nonmarital funds. Once again, remember what should stay separate and what shouldn’t.
When it comes to marital property, you want to be prepared for anything. This is why it is always a good idea to speak with an experienced attorney about your case so that you can move forward with a better understanding of the laws. Let us help you every step of the way. We are here for you.