When it comes to matters of divorce and property division, you’re likely to have a variety of questions and concerns.
While there are sure to be many assets that are subject to division, separate property shouldn’t be among them. This is defined as property that you solely own, likely because you brought it into the marriage.
The best way to protect separate property in divorce is through the creation of a postnuptial or prenuptial agreement. With this, both individuals are able to clearly outline the assets they’re bringing into the marriage.
Here’s what you need to do:
- Talk to your spouse or soon-to-be spouse about your concerns: For example, if you’ve already tied the knot, discuss the pros and cons of a postnuptial agreement with your spouse. Among the many benefits is the opportunity for the two of you to clearly define the assets that will not be subject to property division in the event of a divorce.
- Have an honest conversation: Don’t issue demands, such as telling your spouse they have to sign a postnuptial agreement. Instead, have an honest conversation about why you think it’s a good idea. This will go a long way in getting you on the same page, thus allowing you to proceed without tension.
- Clearly define separate and community property: This is where things have the potential to get tricky. For example, you may assume that a particular asset is separate property, while your spouse has another idea. You need to work through this before you both sign the document.
It’s not always easy to protect separate property in divorce, but taking a proactive approach can help put your mind at ease. For example, the creation of a prenuptial or postnuptial agreement may be all that you need.
As the divorce process begins, review your postnuptial agreement with your legal team to better understand the impact it will have. If you don’t have a prenuptial or postnuptial agreement, turn your attention to other ways to protect your separate property from division.
Visit our website for more information on divorce, property division and related subject matter.