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Tips for Managing Your Marital Property

Getting married is a huge life decision to make, and it is one that can affect you personally for many years to come. Naturally, the idea of sharing a life together with the one you love is a blissful thought, especially because in the midst of planning for your wedding you are very rarely thinking about the ramifications your decision to wed can have down the road, especially with your finances and property. Before saying the big “I do’s” make sure you are fully prepared for the road ahead, especially when it comes to properly managing your martial property.

First off, if you are not yet married, highly consider investing in a prenuptial agreement before you tie the knot officially. While it may appear extremely unromantic, in a world where divorce is nearly a 50% chance, it is better to prepare for it just in case. By establishing your prenuptial contract, any property that you currently own you can write out how it would be handled in the event of a divorce, for example stating that your current home will not be subject to division in the event of a divorce.

There are a number of benefits to filing for a prenuptial agreement such as being able to establish an outline for child custody, alimony payments, etc. Even if you are already married, you and your spouse can establish a post-nuptial contract which will address the very same details, even though you are currently still married.

Prior to marriage and in the midst of it, be certain that you are keeping clear and accurate records of all of your finances and property, and keeping those property’s which you wish to remain separate as independent from all other paper work you may have that is considered to be a part of your marital estate. Another helpful tip to consider is that you will want to makes sure that over the years you keep your separate property from “comingling” with your marital property, until you either divorce or you pass away.

Once properties mingle together, in the event of a divorce, or a death in which case you may want a specific person to receive it as inheritance, these matters can become complicated if not impossible to sort out. Make sure that if you decide to purchase something during your marriage, and you desire for it to remain as separate property, you use only non-marital property that you presently have to make the purchase, otherwise it will be considered comingled.

To learn more about the division of your property, be sure to contact the Meyers Law Group today to talk to a divorce lawyer in Long Island who can help you!