• Login
No Result
View All Result
Infa Law
  • Home
  • Law
    • Accident Law
    • Business Law
      • Copyright Law
      • Real Estate Law
    • Child Law
    • Women Law
    • Criminal law
    • Family law
    • International Law
      • Cyber law
      • Traffic law
  • Attorney
  • Divorce
  • Legal Advice
  • Contact Us
  • Pages
    • About Us
    • Cookie Policy
    • DMCA
    • Disclaimer
    • Terms of Use
    • Privacy Policy
  • Home
  • Law
    • Accident Law
    • Business Law
      • Copyright Law
      • Real Estate Law
    • Child Law
    • Women Law
    • Criminal law
    • Family law
    • International Law
      • Cyber law
      • Traffic law
  • Attorney
  • Divorce
  • Legal Advice
  • Contact Us
  • Pages
    • About Us
    • Cookie Policy
    • DMCA
    • Disclaimer
    • Terms of Use
    • Privacy Policy
No Result
View All Result
Infa Law
No Result
View All Result
Home Divorce

How to Protect Your Money in a Divorce

Lucy Garcia by Lucy Garcia
September 28, 2022
in Divorce
0

If you keep your finances separate during your marriage, don’t assume they’ll stay separate if you divorce. As CNBC reports, many people assume that keeping accounts and assets in their own name will protect them in the event of a divorce—but they’re wrong.

Divorce

“People will think, ‘Well, the house is in my name, so I get to keep it’ or ‘I put all of my income into my own separate bank account, so it’s all mine,’” Susan Guthrie, a family law attorney, and mediator tells CNBC Make It. But that’s “100% wrong,” she says. No matter your state’s laws, once you get married, you should never assume that your assets will remain yours if you get a divorce.

Some states have “community property” laws, meaning any property earned or purchased during the marriage belongs to both partners regardless of which partner’s name is on the documentation. However, even if you live in a state without community property laws, you may still be asked to divide savings and assets with your soon-to-be-ex-spouse—even if those savings and assets were kept in separate accounts.

This means that if you want to protect your finances during a divorce, you have to set up that protection before you get married—a prenup, in other words. Consult experts like Family Lawyer Tammy Begun if you have questions about the prenuptial agreement and other marital concerns. This will help you understand your rights and obligations when things go south in your marriage.

Remember: a good prenup is designed to benefit both partners. It isn’t just a tool for you to say, “this stuff is mine, and you can’t ever have it.” It’s also a document that lets you clarify what the partner with fewer assets or a lower earning potential is entitled to—especially if the lower-earning partner is taking on caretaking responsibilities or running the household. In contrast, the higher-earning partner pursues a career.

Ideally, your prenup should feel like a win-win for both parties. If it doesn’t, that might be an indicator that you need to have some potentially difficult conversations with your future spouse or that you might need to reconsider the partnership altogether.

This isn’t to suggest that you shouldn’t keep separate bank accounts during your marriage. On the contrary, couples who keep separate accounts or who follow the popular system of managing separate and joint accounts can maintain some spending freedom without having to consult their partner (or ask permission) on personal, day-to-day purchases. Separate bank accounts also protect individuals from domestic violence; a partner with their own money can easily remove themselves from the situation.

However, you can’t use separate bank accounts as a low-cost way of avoiding a prenup. Take the time and pay the money to consult a lawyer and create an equitable prenuptial agreement (yes, even in the middle of an already busy and expensive wedding planning season). Make sure to ask about financial situations that might come up in the future, such as inheritances, as well as how you and your partner can handle pre-existing financial concerns such as student debt.

Previous Post

Florida Gov. Ron DeSantis Signs Criminal Justice Package

Next Post

Third birthday celebration in the back of divorce?

Lucy Garcia

Lucy Garcia

I am a lawyer who is passionate about writing. I am currently working as a legal consultant at a leading law firm and also a contributor at a well-known blog. I like to write about my experience of being a lawyer and I hope people will benefit from my writing.

Next Post
Third birthday celebration in the back of divorce?

Third birthday celebration in the back of divorce?

No Result
View All Result

Today Trending

Plugin Install : Popular Post Widget need JNews - View Counter to be installed

Latest Post

What Happens if Your Medical Practitioner Denies Malpractice?

What Happens if Your Medical Practitioner Denies Malpractice?

February 5, 2023
Japanese Copyright Laws 

Japanese Copyright Laws 

February 4, 2023
Women Law in the US – What Does It Mean For Women?

Women Law in the US – What Does It Mean For Women?

February 2, 2023
  • Home
  • About Us
  • Contact Us
  • Cookie Policy
  • DMCA
  • Disclaimer
  • Terms of Use

Copyright © 2023 , infalaw - All Rights Reserved To Us

No Result
View All Result
  • Home
  • Law
    • Accident Law
    • Business Law
      • Copyright Law
      • Real Estate Law
    • Child Law
    • Women Law
    • Criminal law
    • Family law
    • International Law
      • Cyber law
      • Traffic law
  • Attorney
  • Divorce
  • Legal Advice
  • Contact Us
  • Pages
    • About Us
    • Cookie Policy
    • DMCA
    • Disclaimer
    • Terms of Use
    • Privacy Policy

Copyright © 2023 , infalaw - All Rights Reserved To Us

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In