Preparing for marriage is stressful. You have so much to plan, including the location, the honeymoon, where you will live and more. One thing you need to plan for is keeping separate property separate once you become a married person. There are some key steps you can take to keep your already separate property separate in the event the marriage ends in divorce.
If you already own a condominium, home or other piece of property prior to marriage you should not change the title or deed. This means that you should not put the name of your spouse on the deed to the property once you get married. There’s no reason to add his or her name because it will only make a divorce more difficult to handle.
Keep all premarital assets separate from your spouse. If you come into the marriage with your own checking and savings accounts, do not add your spouse to these accounts. Don’t add yourself to your spouse’s individual accounts either. It’s best to open new accounts in both of your names while keeping the premarital accounts active.
Do not deposit any marital assets or other money into individual accounts. This will turn those accounts into marital assets. You might know where the dollar comes from that you deposit, but you don’t know where the dollar comes from when you withdrawal it from the account.
Now that you know the steps necessary to keep your property separate once you enter into marriage, it’s best you put them to good use in Elizabethtown, Kentucky.