Clement Law Center
Free Initial Consultation
Toll Free 888-351-6779
Local Calls 253-336-3607

Pre-marital planning can save post-divorce finances

Washington couples who are engaged might think that planning for the end of a marriage is bad karma. However, taking care of one's financial future is always prudent, and sometimes that includes setting up safeguards for unwanted circumstances. Some of those safeguards should be prenuptial agreements and other asset management strategies.

Marriage, though wrapped in romance and mystique, is essentially a legal contract. Prenuptial and post-nuptial agreements are also contracts that allow the parties to control what happens in the event of unforeseen marital trouble. Other planning strategies may include the simple maintenance of separate financial accounts or property assets. Keeping separate accounts can, to an extent, insulate one spouse from debt collection efforts related to the other partner's individual creditors. Furthermore, estate planning should be part of any nuptial process. For example, keeping property separately titled can prevent a surviving spouse from having an unintended partnership with the heirs of the other after an untimely death.

Good record keeping is essential to any partnership. This certainly holds true for marriages, particularly when one or both parties bring substantial assets into the relationship. Having a documented valuation of assets at the time of marriage can save expensive forensic accounting determinations if a marriage unravels. Simply keeping an account statement from the month before a wedding or having real property appraised can make this a simple determination if marital problems ensue.

Contemplating divorce at any time is stressful, and love-struck couples on their way to the altar may deflect the notion. However, getting a consultation from a qualified family law attorney can be a smart idea. There is no substitute for prior planning when unwanted events become real life situations.

No Comments

Leave a comment
Comment Information