You and your spouse didn't get a prenuptial agreement before you married. There's still a way to protect your financial future in the event of a divorce. It's called a postnuptial agreement.
When you've come to the decision to end your marriage (or perhaps your spouse has made that decision for both of you), it's only natural to feel stressed out and emotionally fragile. Likely, the last thing you want to do is start combing through file cabinets, drawers and online folders for documents. However, it's essential to start getting documentation of your marital assets and debts organized to bring to your attorney.
Most married couples commingle some, if not most, of their assets. They open joint bank accounts, take out joint credit cards and buy homes, cars and other property together.
A sudden influx of inherited money is a boon for all families. However, what will happen to your inheritance in the event you get a divorce? Will you get to keep the entirety of your inheritance? Will your ex-spouse take part of these assets? The answers to these questions may be different depending on what you did with the inheritance after receiving it.
Imagine you are slaving away at your "9-to-5 job," which has actually become a "7-to-8" job as you struggle to connect the financial dots for your family. Meanwhile, your spouse is at home, jobless and perhaps even suffering from a drug problem or psychological issues. The financial reality of this situation is a very difficult one to be in. For many marriages, it's too much to bear and ultimately results in divorce.
Last week, we discussed some of the downsides related to prenuptial agreements. This week, we're going to cover the upsides. Indeed, it's precisely because of the numerous benefits associated with premarital agreements that spouses choose to draft and sign these documents.
If you're thinking about a prenuptial agreement, you might want to educate yourself, not only on the upsides of signing this kind of document before marriage, but also on the downsides. Ultimately, when it comes to any kind of legal arrangement – including marriage – you should know exactly what you're agreeing to and what kinds of future ramifications it may have on you and your life.
There are a lot of money-matters that divorcing spouses need to attend to. These financial responsibilities might not have existed prior to the initiation of the divorce process. As such, it is important to familiarize yourself with various tips and tricks for surviving the financial aspects of divorce.
Divvying up the family home is never easy in a divorce. Both spouses will likely be emotionally attached to the residence, and neither of them may want to give up the property. Will one spouse keep the property and the other spouse move out? Will the property need to be liquidated and the proceeds divided?
Divorcing spouses commonly make costly mistakes when they're dividing their marital estates. One big mistake is to assume that just because one spouse identifies with a certain piece of property that it belongs to him or her. In fact, all marital property acquired during the course of your marriage must be divided between the spouses except when it comes to certain exempt property.