Do you really know who you are marrying and spending the rest of your life with? Before you tie the knot there are a few things you should consider to protect your assets and financial future. 

1. Understanding the importance of disclosing assets and liability can help prevent a headache in the future. 

If you are in a long term relationship with someone, you should exchange a credit report with your partner to analyze each other's current financial status. A credit report can help assess if you and your partner are on the same boat when it comes to financial stability and planning for the future. A credit report can also help you know about each other's spending habits and money habits in general before a marriage or a long term relationship. Aside from a conversation about each other's credit report, you should also discuss each person's family background with money for a clear and balanced understanding before a long term commitment. 

2. Prioritize protecting your real estate

If you own real property prior to your marriage, you need to prioritize protecting that property and confirming it as your separate property. If you are purchasing a house during the marriage, but the funds used for the downpayment are separate property funds, it is important that you have a prenuptial agreement or post marital agreement in place that confirms those monies as your separate property. 

If you have decided to move in with your partner, but you are not going to tie the knot just yet, then you should consider entering into a cohabitation agreement to ensure that there is not a common law marriage claim down the road and you can protect your real property in the event of a break-up.

A prenuptial agreement, post marital agreement, or a cohabitation agreement can further protect you in the event of a break up by including a move-out date and how reimbursement claims will be handled in the event of a divorce or a separation. 

3. Be sure to avoid commingle your funds and property

Do not place separate property and community property funds in the same bank account during your relationship otherwise you will be commingling funds and you could have a hard time proving to a court which funds are separate property versus community property funds in the event of a break-up. Lastly, avoid refinancing your separate property during your marriage and adding your spouse as an owner on the deed during the refinance process. 

4. Controlling your cash flow in the event of a break-up

You can control your cash flow by negotiating in a prenuptial agreement or post-marital agreement that you keep funds that you have worked hard for in your financial accounts and retirement accounts or that you are entitled to a specific amount of your spouse's funds in the event of a break-up. 

There is much more that goes into protecting your assets during a relationship, which is why It is very important that you find an experienced Houston family law attorney to assist you with your case, so it is handled carefully and with the representation of an attorney. 

Attorney, Ashley Nicole Green is a family law and divorce that can assist you with a prenuptial agreement, post marital agreement, cohabitation agreement in Houston, Sugar Land, Richmond, Pearland, and surrounding cities in Harris, Fort Bend, and Brazoria County, Texas. 

You can always connect with us via phone 832-844-1677 or via email at agreenteam@lawofficegreen.com