One of the most common concerns for people walking through the divorce process is what will happen to their personal property. If you are facing the prospect of divorce, you may wonder what will happen to your stuff and what you can do to protect your interests. It may be beneficial for you to learn more about what is marital property and what is non-marital property.
Marital property is anything purchased or accumulated over the course of a marriage, and it is all subject to division in the event of a divorce. It may be a prudent step for you to know how to shield your non-marital property and protect yourself in case of an unexpected situation in the future. Property division issues are often some of the most contentious issues in a Minnesota divorce.
How to keep separate property separate
There are certain steps you can take that will help keep your personal, non-marital property separate. This will make it easier to walk through the property division process and prevent your spouse from keeping things that are rightfully yours. Some of the things you may want to consider include:
- Keep complete records of all of your finances, as well as thorough and up-to-date records of your personal property.
- Over the course of the marriage, keep certain things, such as family heirlooms or important assets, separate.
- Use non-marital funds to purchase things that you would like to remain a non-marital asset.
One of the most significant steps you can take to protect your own personal property in case of a divorce is to draft a prenuptial agreement. If you are already married, a postnuptial agreement may be a positive step. Thorough records and legal protections can be the most important and effective ways to shield your property interests in case of a contingency in the future.
Your future property interests start today
You can take steps today to protect yourself tomorrow. Whether you are facing an imminent divorce or you simply want to have the right protections in place for the future, you will find it beneficial to reach out for guidance as you make these important decisions.
Property division is not an easy process, but there are ways you can make it simpler and avoid disputes over the classification of certain assets. Instead of navigating this alone, you may find it helpful to speak with an experienced family law attorney about your concerns.