17 Aug Marriage, Money and Property Facts
One of the most common causes of marital strife – and divorce – is financial issues. One person may make more money than the other, but in the end, it’s all marital property. Even separate property that you obtained before marriage can be considered marital property if you don’t take the proper steps to keep it from becoming commingled.
The laws regarding money and property in a marriage can be complicated. Here are some things to consider as you navigate marriage – and divorce.
Keeping Property Separate
If you have property that you acquired before marriage and want to keep it separate, it cannot be used for marital purposes. You cannot use your spouse’s money to pay the mortgage or maintain it. If you have money – such as inheritance – acquired before marriage, keep it in a separate account and do not use it for marital purposes. To make it clear that this property is separate, you may want to consider a prenuptial agreement.
Avoiding Money Issues
Couples often divorce because they have different expectations on how they should use the money they earn. Some people are more than happy to spend every dollar they earn, while others are more frugal and focused on saving money.
Therefore, it’s important to have discussions about income. Who pays for what? How much will you set aside in a savings account? What are your financial goals?
Think about your future. Do you want kids? Do you want to buy a house or travel? Do you need a new car? All these things require a lot of money, so you need to create a plan that will help you save enough money to accomplish these goals.
Learn More About Managing Marital Property With New Jersey Attorney Jeffrey M. Bloom
Property division and money are contentious issues in both marriage and divorce. Dividing a home, money and other assets equitably is no easy task. West New York divorce attorney Jeffrey M. Bloom can answer your questions about property division and make sure you get the assets you deserve in a divorce. Call The Law Offices of Jeffrey M. Bloom for a consultation at (855) 208-3650.