If you have a non-marital claim, there are steps you can take early on to ensure that your non-marital claim is protected in the event of a divorce.
You may be happily married and think that planning for divorce is cynical, but it is also smart. This is the case for management of most finances but is especially important for preserving non-marital claims. To learn about what a non-marital claim is, please refer to a previously posted blog here.
One important step is to keep good records. Depending on the nature of your non-marital claim, this may include account statements, copies of checks, real estate closing documents, etc. Ideally, you will want records that take a snapshot of what your assets are worth the day you marry or that clearly document a gift was made solely to you and has not been comingled with marital property.
Another possible avenue you and your spouse may want to explore is a prenuptial agreement (if you are not yet married) or a postnuptial agreement (if you are already married). You can each agree to each other’s non-marital claims in this agreement and avoid the need for non-marital tracing in the event of divorce. You should work with an attorney if you intend to enter into such an agreement to help ensure that the agreement will be valid at the time of divorce.
While no one can predict the future, it can help ease your stress if you know that your non-marital claims are protected. If you have any questions about non-marital claims, please call me today at 651-647-0087 or reach out via our online contact form to set up your free consultation.