Valentine’s Day is just around the corner and plenty of people have engagements and weddings on their minds. Besides the perfect ring, what else do you need? Everyone plans for their marriage lasting forever but sometimes circumstances happen beyond your control. Knowing that you can’t protect yourself from divorce, any steps you can take to avoid litigation and provide security is key. Many people are unaware that even property titled in their own names, can be considered marital property, depending on the circumstances.
Pre-nups can specify ownership as well as each parties’ rights to property upon death or divorce, as well as determining whether there will be alimony. The parties have a large degree of flexibility as to the terms of the pre-nup, although provisions regarding children will not be enforceable because the court always retains the ultimate authority regarding the best interests of children.
What if you’re already married? You may still be able to reach a valid agreement on these issues, which would be considered a “Post-Nuptial Agreement.” Any agreement regarding marital assets should be discussed with an attorney however, there are numerous pitfalls for the unwary.