For people in Westmoreland County who are considering their future financial planning, the potential of divorce may be something to keep in mind. While couples about to be married may not want to consider the potential consequences of divorce, the end of a marriage can carry serious financial consequences along with the emotional and practical fallout. This means that divorce planning can be an important step in financial preparation for anyone, particularly those with individual assets of concern.
Prenuptial agreements are most frequently used by people who are already individually wealthy. In general, they apply to separate property, the assets that each spouse brought into the marriage as well as individual gifts and inheritances received later. Separate property can be particularly important for blended families that need to be protected in estate planning. Some of the same techniques that are used to plan in case of divorce can also help to protect property from creditors of a spouse.
There are some basic steps that people can take to help keep their property separated. Keeping individual bank accounts can help to keep inheritances and gifts in the category of separate property. In addition, when adding a spouse to existing real estate titles, it is important to consider the kind of ownership status being granted. Some forms of joint title give the real estate to either person in case of the other’s passing, while others allow each party to distribute in their wills.
Divorce may be something which few happy couples want to consider, but planning for the eventualities can be important. A family law attorney can provide advice in terms of planning and preparation to protect individual assets during a marriage.