Carolann M. Aschoff, P.C.

Making sure assets are protected in case of divorce

Couples planning to get married hardly want to think about the possibility that their marriage may not work out. Unfortunately, the fact that 45 percent of all marriages end in divorce is a clear indication that it may be prudent to address finances with a soon-to-be spouse. While many New Jersey couples may feel that, by discussing finances, they seem to not believe their marriage will survive, this is not really the case.

In most cases, a prenup is the first way that comes to mind to protect assets, but there are other ways that assets can be protected. One way to protect assets is to keep separate any money both spouses had before the marriage, while joint accounts can be opened after the wedding. Secondly, it is important to keep property in individual spouses' names. Any major payments made toward the property, including taxes, should be paid by the person in whose name the property is.

Records should be kept of expensive gifts received, assets inherited as well as any significant procurements made. These records will act as proof that these assets can be considered as individual property, instead of communal property. A last tip is to consider a revocable trust for premarital funds in order to ensure that these funds and any growth on them do not become part of the marital assets.

Money can easily become a point of contention, but if financial matters are discussed timely, problems may be avoided. Furthermore, New Jersey couples may benefit from consulting with both a family law lawyer and a financial adviser to ensure the protection of their individual financial assets. Prudent actions may not only be advantageous in case of a divorce but also may protect the assets of one party should the other party find him- or herself in financial difficulty.

Source:, "How to Protect Your Assets Without a Prenup," Jaimie Mackey, Oct. 14, 2017

No Comments

Leave a comment
Comment Information

Honors and Memberships

Begin Your Consultation Today

For your convenience, we maintain locations in Jersey City, West Caldwell and Bayonne. For more information or to schedule an appointment with an experienced lawyer, email us or call 201-793-7739 or 973-200-4892.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact Us

3279 John F. Kennedy Blvd.
Jersey City, NJ 07306

Phone: 201-793-7739
Fax: 201-653-8030
Jersey City Law Office Map

503 John F. Kennedy Blvd.
Bayonne, NJ 07002

Phone: 201-793-7739
Fax: 201-653-8030
Map & Directions

1061 Bloomfield Ave.
West Caldwell, NJ 07006

Phone: 973-200-4892
Fax: 201-653-8030
Map & Directions