When a couple’s relationship is getting serious and they are thinking about marriage, they are usually not thinking about what might happen if that marriage ends. However, the reality is that over fifty percent of marriages unfortunately end in divorce today. Hopefully, it works out, but in the event that it doesn’t, you should make sure you protect yourself.
After the marriage has been officiated, you and your spouse will begin obtaining marital property. Both of you own the assets that you acquire together throughout your marriage. This is known as marital property. Anything that you owned before your marriage is considered separate property and can include inheritance, a monetary award from an individual lawsuit, or any other assets that you had before the start of the marriage. It is important to know that your separate property can become marital property throughout the course of your marriage. For example, if you owned a house before your marriage and then your spouse contributed to mortgage payments and other payments towards the home, it can become marital property.
It is especially important to sign a prenuptial agreement when you have a high net worth. You can protect your assets by having both parties sign a prenuptial agreement. There is also an option that is signed at the end of the marriage known as the postnuptial agreement. Both of these can assist you in making sure your spouse does not walk away with everything you worked so hard for in the event that your marriage does not work out. When considering a prenuptial agreement, you should contact an experienced attorney who can help you protect your future.
Robert Pollack is an experienced divorce and family law attorney in Long Island, New York. Contact The Pollack Law Firm, P.C., to set up a free initial consultation.