Things That Newlyweds Can Do to Protect Their Assets Now and in the Future

If you are someone who only recently got married, you probably aren’t too worried about what will happen in the event that you eventually get divorced. After all, you’re still riding the high of just having tied the knot. You’re never going to have to file for divorce, right? Right?

Wrong. The reality is that roughly half of all marriages eventually end in divorce. Regardless of how “right” your marriage feels right now, you can’t really anticipate whether your relationship will devolve down the road. What you can do, however, is prepare yourself financially for what could be a disastrous situation that leaves you without any money or resources for your future.

Here are some things to keep in mind as you prepare for your future married life (while also protecting yourself in the event of a divorce):

• Make sure you have your own retirement plans. You may want to share everything with your new spouse, but don’t make the mistake of sharing your retirement plan. Even if one of you has a slightly better retirement plan than the other, keep your retirement savings separate. Keep in mind that your retirement plan is meant to protect you, not anyone else. If you eventually end up getting divorced, you are going to be relieved to know that your retirement will not be put in jeopardy.
• Be up front and honest about your finances. One of the quickest and surest ways to create marital discord is to lie to your spouse about money. Although it’s perfectly reasonable for you to have some freedom when it comes to spending, don’t hide anything from your significant other – especially news about a big purchase.
• Place limits on your own spending. Even if you have discussed your individual spending habits with your spouse, make sure that you put a cap on the total amount of money that you spend on things like hobbies or other personal activities. That’s the best way to maintain trust in the relationship and avoid major hassles later on.

To learn more, check out the Lifehacker.com article, “10 Pieces of Financial Advice for Newly Married Couples.”

If you are thinking about filing for divorce, or if you have already started the divorce process, it is imperative that you speak with a seasoned divorce lawyer before proceeding. The experienced New Jersey divorce attorneys at Davis & Mendelson are prepared to help you explore your legal options and get exactly what you are entitled to. Contact us today to schedule a free consultation.