Prenuptial agreements are very effective in helping iron out financial details that could emerge in the event of a breakup or divorce. They can be used also to legally separate your finances, while you are married to each other.
However, in some cases, prenuptial agreements are not possible, either because one of the spouses did not sign the agreement, or because the spouses simply neglected getting an agreement because they do not believe they needed one.
If you haven’t got a prenuptial agreement, there’s no need to panic. Simply, take steps to separate your finances.
First, make sure that you have your own bank account that is separate from your joint bank account.
Separate your income and funds. Confusion about marital property and separate property very often involves commingling of finances, when separate property is dumped into a marital joint account, making it hard to tell which funds are yours and which funds constitute marital property.
If you own property, continue to maintain it in your own name after the marriage. Adding your spouse’s name to the title deed can be a big mistake, because it means that he or she is eligible for half of the equity in the house. Remember, things can get complicated very quickly in a divorce, especially when there are significant assets at stake.
For more information about what you can do to protect your financial rights, speak to a Leadville family lawyer. For help filing for divorce, schedule a consultation with a Leadville family lawyer.