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How a spouse with money can prepare for a divorce

On Behalf of | Nov 18, 2015 | Property Division

In our last post we wrote about things a non-monied spouse can do to be prepared for a divorce. In most case those individuals are focused on getting their fair share in the split. Those who are on the other side of the situation-who supported the family or made significantly more than the other spouse-have other concerns related to finances, namely protecting their assets to the best of their ability. There are multiple things these individuals can do ahead of time to be prepared should the marriage come to an end.

The first thing is to establish a budget. Being open about the finances and understanding what money is being spent on, could be helpful not only in the course of the marriage but in determining how much the other spouse and children need to maintain the same lifestyle following a divorce. Avoiding a lifestyle where the members of the family are living beyond what can actually be afforded sets a good precedence in case a couple does divorce.

Having a record of the assets brought to the marriage is also important. Giving thought before comingling those assets with marital property could ensure they do not in fact become marital property that is divided in a divorce. The key to making sure this does not happen is to be able to prove which assets are separate. Along these same lines it is vital to have an understanding of what could happen if separate property is put in the spouses’ names jointly.

Individuals in this situation can takes steps to protect themselves before they even get married by working with a lawyer to create a prenuptial agreement for their spouse to be to sign.

When it comes to any matter pertaining to a divorce, including those involving finances, a family law lawyer can be of help.