On behalf of Stange Law Firm, PC posted in Family Law on Thursday, November 9, 2017.
Prenuptial agreements may be one way for couples in Missouri and throughout the country to protect their finances. However, it may not be the only option to protect funds or other property brought into a marriage. While talking about asset protection may not sound romantic, it can serve a variety of purposes. For instance, it may allow an individual to learn more about his or her partner’s current financial situation and long-term outlook.
This may be important if a future spouse has debt of any kind. By keeping personal assets separate, creditors may not be able to come after them if a spouse doesn’t pay a debt balance in a timely manner. Therefore, keeping personal assets separate may be ideal even if the marriage is successful. One way to keep personal funds separate from marital funds is to keep them in separate accounts.
Any property that an individual owns before a marriage should be kept in that person’s name. Furthermore, payments made to retain or maintain the property should be made from an account in the owner’s name. Records of payments made and the source of any funds used to make them should be kept at all times. This may make it easier to assert that certain items are personal as opposed to marital property.
A prenuptial agreement or similar arrangement may be helpful when it comes to property division in the event of a divorce. Keeping good records might also make it easier to determine what is sole property and what should be divided in a divorce. An attorney may be able to review a prenuptial agreement or review financial records during the divorce settlement process. This can help to determine if the agreement is valid or if an individual has a claim to an asset.