Protecting your home and assets with a Prenuptial Agreement before marriage is an important consideration for many individuals. Your home and other real estate assets can often be the most valuable thing you own. Jacobson Family Law has curated the following guide on how you can do so:
Prenuptial Agreement (Prenup):
One of the most common ways to protect your assets before marriage is by signing a prenuptial agreement. This legal document outlines how assets will be divided in the event of divorce or separation. Each party can specify which assets they want to keep separate and how they should be handled in case of marriage dissolution.
Full Disclosure:
It’s essential to have open and honest communication with your partner about your financial situation. Both parties should disclose all assets, debts, and financial obligations before getting married. This transparency can help avoid misunderstandings and conflicts in the future.
Maintain Separate Finances:
While it’s common for married couples to combine finances, you may choose to keep certain assets separate. For example, if you own a home before marriage, you might decide to keep it in your name only. Keeping separate bank accounts and financial records can help maintain clarity about individual assets.
Titling of Property:
If you own property before marriage or inherit property during the marriage, consider how it is titled. Keeping property solely in your name can help protect it from being considered marital property in the event of a divorce. Consult with a legal professional to understand the implications of property titling in your specific situation.
Estate Planning:
In addition to protecting assets during marriage, consider estate planning to ensure your assets are distributed according to your wishes in the event of death. This may involve creating a will, establishing trusts, and designating beneficiaries for accounts and insurance policies.
Legal Advice:
It’s highly recommended to seek legal advice when considering ways to protect your home and assets before marriage. The family law attorneys at Jacobson Family Law can provide guidance tailored to your specific circumstances and help you understand the legal implications of different options.
Remember, every situation is unique, and what works for one couple may not be suitable for another. It’s essential to consider your individual circumstances, discuss your concerns with your partner, and seek professional advice to make informed decisions about protecting your home and assets before marriage. Contact Jacobson Family Law to schedule your consultation with one of our Maryland estate planning attorneys today at 443-741-1147 or by scheduling a consultation online.
