10 Tips on what you need to know to be prepared!
We all know that marriages sometimes end in divorce. It does not hurt to understand how to protect yourself as you move forward in the next phase of your life.
1. If you have an inheritance or substantial gift either before or during the marriage, you don’t have to share it with your new spouse if you keep it separate in a separate account or in the case of real estate in your name only.
2. Be sure not to mix your earnings during the marriage with the inheritance or gift.
3. Don’t contribute to the separate account or pay for improvements to your real estate with your earnings.
4. You are not responsible for your new spouse’s child support or alimony payments.
5. You are not responsible for your new spouse’s debts that were incurred before the marriage.
6. if your new spouse owes a substantial amount in child support, alimony or spousal support or has substantial debt either stemming from his previous marriage or otherwise, you would be wise not to share financial accounts with him or her at all and not to share title to real estate.
7. Those accounts or real property could be seized if he or she does not pay.
8. Make a will. That way you ensure that your children from the previous marriage or relationship get what you intended and that everything does not automatically go to your new life partner. That could put your children at ease and might go a long way in helping them to adjust to the new man or woman in your life.
9. Obtain copies of statements of all of your accounts especially retirement and stock accounts as to their balances before you remarry. That money is considered “non-marital” and not subject to division in the event of divorce.
10. Finally, if you have your own business and/or substantial assets, you should consider entering into a prenuptial agreement to put your mind at ease.
We all want a fresh start and a new chance at lifelong committment but it does not hurt to feel protected in the event unforeseeable events do occur. That said. Good Luck! Bonne Chance! Buena Suerte!