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If you’re thinking about filing for divorce, you might also be thinking about how your assets will be divided. For those who brought assets into the marriage with them, it’s an even more critical point. Known as premarital assets, most are protected in a divorce, but it’s not always cut-and-dry.
Knowing what is protected and what could be taken by your spouse in the divorce process is important before you proceed.
What Are Premarital Assets?
Premarital assets refer to any property owned by one person before their marriage. It is usually considered separate from marital property, which is anything you’ve acquired during the marriage.
It is important to understand that any marital assets and debts will be split between you as you part ways. If you came into the marriage with a vacation home that was passed down from generation to generation, it would be something you’d want to protect from asset division.
A premarital asset could become marital property if it is commingled with your marital assets or if the value of this asset increases due to the effort of both spouses. Marital property is considered any assets you share, such as income, real estate, or investments, either purchased or earned during the time you were married.
Can I Protect My Premarital Assets in Divorce?
For the most part, your premarital assets will be protected even through a divorce, though you could lose them if you do not keep them separate from your marital property. For example, if you open a joint account with your spouse, you should not deposit your premarital funds into that account, or they will be divided during the divorce.
If you have a prenuptial agreement, this can be of tremendous assistance in a divorce. Many people don’t like going into a marriage with a negative mindset and deem this sort of agreement as a curse upon the union. However, if you have accumulated a lot of wealth prior to the marriage, it makes financial sense … Read More
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