On behalf of Tasha K. Schaffner of Schaffner Family Law posted in divorce on Thursday, October 26, 2017.
A little planning can go a long way, especially when it comes to finances. When people make plans involving pre-marital financial matters, that usually means a prenuptial agreement. But one can make plans to keep non-marital property separate — even in a high asset divorce — with a little extra forethought. Kentucky residents may be able to utilize some of the suggestions shared in a recent news article.
One suggestion shared by the author is to keep pre-marital money in a separate account and to open a joint account after the marriage. Another suggestion applies to real estate. A person could keep the home in his or her own name and also make all payments for the home from his or her personal account, not a joint account. Any upgrades to the home should come from the personal account as well and not from the use of joint funds.
A basic suggestion that applies in most financial situations is to keep good records. A complete record of payments and where they came from can potentially help you prove the separate nature of the property. Certain property appreciation will be considered marital property, and some other types will not. To definitely keep some money separate, some individuals choose to keep pre-marital funds in a revocable trust.
High asset marriages can sometimes lead to high asset divorce. There are ways to protect those assets, however. Pre-nuptial agreements can work, but there are other methods. In Kentucky, many individuals choose to use the services of an experienced family law attorney to protect their assets.