Though many Washington residents may believe they have met their perfect partner, many marriages can reveal issues that may not have been predicted. Individuals may learn that they and their spouses do not have as much in common as they had once believed or other strains could cause a marriage to become difficult. If parties feel that divorce may be on the horizon, they may want to assess their financial situations and prepare for property division.
In many instances, it is prudent to create a prenuptial agreement before marriage. These agreements can predetermine how property may be divided in the event of a divorce. If a prenup is not created, then individuals may not have a clear idea of what assets they could potentially maintain ownership of after the marriage is dissolved. Therefore, individuals typically seek to address assets and financial accounts in a such an agreement.
If a prenuptial agreement was not executed, there are still other factors to consider when it comes to dividing property. If individuals have joint accounts and co-mingled funds, those funds will likely be the focus of property division proceedings. Similarly, any property that was acquired after a marriage takes place and is considered marital property will be divided as the circumstances dictate.
Many individuals get used to a certain lifestyle when they are married, and the idea of having to change that lifestyle due to divorce can be difficult. Therefore, concerned Washington residents may wish to find out information on property division and how they will be affected financially after divorce. Similarly, information on prenuptial agreements may also prove beneficial for those contemplating marriage.
Source: The Huffington Post, “An Open Letter to Cinderella: How to Divorce Prince Charming And Keep Some Money“, James J. Sexton, July 10, 2015