What Can You Do Instead of a Pre-Nuptial Agreement to Protect Your Assets?
Whether you’re already married and didn’t sign a pre-nuptial agreement or you’re engaged to be married but choosing not to enter into a pre-nuptial agreement, there are still ways you can protect your assets without having a prenup in place.
Because money and financial decisions are a frequent cause of marital disputes, it’s important to have open and honest conversations about how you want to jointly manage your assets (and liabilities). Also important is that throughout the course of your marriage, you should maintain good financial records. Not only is this important for your ongoing financial well-being, this type of documentation can also come into play if you were to divorce.
Alternatives to Pre-Nuptial Agreements
- Keep separate property and accounts separate – Maintaining the individual accounts you held prior to marriage is one way to avoid having your assets subject to equitable distribution during divorce. For real estate property, keep the title in your name alone and don’t use co-mingled money to maintain it. Likewise, keep individual accounts in your own name and instead open a joint account to manage marital money.
- Consider a post-nuptial agreement – These are entered into any time after marriage and can be a way to make financial decisions prior to getting a divorce.
- Look into creating a trust – A trust creates an added layer of protection for your assets because they are generally considered separate property and not subject to equitable distribution during divorce.
In opening a trust, you are giving another party (a trustee) the legal right to hold title to your property or assets. Trusts can be used to protect an inheritance or individual assets during divorce, among other reasons.
For more information about trusts and how to protect assets during marriage and divorce, contact our team of Florida family attorneys at the Vasquez de Lara Group. You can schedule a free case evaluation to discuss your specific concerns.
