A wedding marks the beginning of two souls coming together in every respect. One way in which married couples intermingle their lives is financial.
While love and trust form the foundation of any romantic relationship, it is savvy to protect your wealth in case the union fizzles. Although it may seem impossible on the big day, there is always the possibility of a divorce.
Keep separate accounts
Maintain individual bank accounts for any money you bring into the marriage, including personal savings and investments. This offers a reassuring layer of protection should everything fall apart. It also sends the message to your spouse that these resources are not shared marital property.
Document everything
Keep detailed records of financial transactions, especially those concerning assets belonging only to you. Put fiscal statements, property titles and investment records in a safe space or lockbox. A clear paper trail can make all the difference in proving what is yours.
Consider a prenuptial agreement
A prenuptial agreement is a formal document that outlines the separation of assets in the event of a split. Although discussing a prenup might seem unromantic, it is a recommended move that safeguards both parties. This is especially true if you have a sizable financial portfolio, are raising children from a previous relationship or anticipate receiving a significant inheritance.
Use separate funds
Should you plan to invest in property or start a business, consider using funds exclusively in your name. This increases the possibility that you will maintain complete control if the marriage falls apart. Otherwise, you could find yourself sharing ownership of your venture with your ex or needing to sell your home.
Protecting assets before marriage may not be romantic, but it remains wise. Taking the proper steps helps make sure your financial future stays secure no matter what.
