Many individuals and couples in California are concerned about protecting their assets in during and after a divorce. For some of these people, a prenuptial agreement may be a good option. In other cases, there may be other ways for domestic partners to protect their financial health.
There are several things that a person can do to ensure that their pre-marital assets remain with them after a divorce. The first is quite straightforward: Collect and keep financial records from before the marriage, including bank and retirement account statements. Financial records make it easier for attorneys and the courts to determine what an individual brought into a marriage. In case of a dispute, the spouse can more easily show that some assets should be considered marital property.
Another way that people can protect their assets is to keep at least some of them separate during the marriage. For example, while it’s not unusual for couple to have a joint bank account, maintaining additional, separate accounts may be a good preventative measure. Individuals may also want to consider not putting their spouse on the title of a home that they owned prior to the marriage.
Individuals who are planning to get married may benefit from speaking to an experienced family law attorney prior to their wedding day. A lawyer may be able to review a client’s financial situation and make recommendations that can help protect the client’s assets in case the marriage eventually dissolves. The attorney may also be able to review a divorce settlement and recommend a post-divorce modification if there are concerns about the original agreement.