How You Can Protect Assets without Prenuptial Agreement
Jan. 25, 2021
Though you won’t find romance in the discussion, analyzing finances with your spouse before marriage tends to be incredibly critical. Your finances deserve equal attention. You are devoting to planning your wedding and getting ready for your lives together. St. Petersburg, FL information can be seen at this link.
The Need to Protect Your Assets
You are likely sounding as if preparing for divorce instead of your marriage when you bring up asset protection and prenuptial agreement. Divorce is not the only reason to account for your assets; you may need to have the full picture of your spouse’s finances, including debts and assets. Discover facts about How You Can Change or Cancel a Prenuptial Agreement.
Keeping Diligent Records
This aspect is quite critical. You will keep track of any acquisitions and prove that they are separate property through good records. The same goes for any gifts or inherited property.
Keep Taxes and Property in Separate Names
Even if you will be using the property as a home with your partner and it is in your name, ensure that the account to make any major payments is solely yours. Tell your accountant to prepare your property taxes separately.
Open a Joint Account and Have Separate Accounts
It is vital to consider separation and organization. Open new accounts and title them jointly instead of combining existing accounts after marriage. Attorneys at BKG Mediation, LLC, St. Petersburg, will inform you how you should use these new joint accounts for any finances after the wedding.